Short Rate

The termination of a policy contract before the expiration date at the request of the insured. Premiums returned to the insured are not in direct proportion to the days remaining

Pro Rate

An insurer's termination of a policy before the expiration date. Premiums returned to the insured are in proportion to the days remaining in the policy period, with no penalty because the insurer initiated the action.

Flat

Cancellation of a policy on its effective date as if it had never been issued. No coverage was provided and no premium is due.