Queensland Consolidated Regulations

CONSUMER CREDIT REGULATION 1995 - SECT 31

For the purposes of section 138(4) of the Code, the manner of calculating the proportionate rebate of premium is by applying the following formula--

T (T+1)

where--

Y is the amount of the rebate of premium.

P is the amount of the premium paid (not including any amount payable in respect of a government charge).

S is the number of whole months in the unexpired portion of the period for which insurance was agreed to be provided.

T is the number of whole months for which insurance was agreed to be provided.