Pro rata is a Latin term that translates to "in proportion." Put simply, it is used to describe a proportionate allocation. It's a process in which an allocated asset is distributed in equal portions.

Most insurance policies are written for a specific term. Business auto polices, for example are usually written for the term of one year. In a perfect world, one-year policies come and go without need ...

In a recent private letter ruling (PLR 201949006), 1 the Internal Revenue Service (IRS) addressed the computation of the pro rata portion of accumulated deferred federal income tax reserve (ADFIT, ...