Description
Return prorated loan-insurance premium.
Exhibition and catalog budgets distinguish object-days, area support, estimated missing text, date envelopes and monetary rates. Each total depends on its denominator and counting convention. A local estimate or premium term does not establish a historical date, an insurance entitlement or an actual exhibition condition.
Return prorated loan-insurance premium.
When to use this tool
Use Artwork Loan Insurance Proration Term when reconciling the stated artwork coverage, duration, uncertainty envelope or cost term.
How to use the tool and how it works
- Enter insuredValue, annualRate, coveredDays, yearDays. Use the units and conventions below.
- Run the tool. Correct any format, range, or cross-field input error before interpreting the output.
- Read premium. Use the output convention below.
Return prorated loan-insurance premium. Require insuredValue, annualRate and coveredDays >= 0, yearDays > 0; premium = insuredValue*annualRate*coveredDays/yearDays.1
| Input field | Meaning and units | Accepted input |
|---|---|---|
| insuredValue | Insured Value | Required. Finite number; minimum 0. |
| annualRate | Fraction of insured value per year, rather than a percentage number. | Required. Finite number; minimum 0. |
| coveredDays | Covered Days | Required. Finite number; minimum 0. |
| yearDays | Caller’s positive day-count denominator; not automatically a calendar year. | Required. Finite number; strictly above 0. |
| Output field | Interpretation | Returned shape |
|---|---|---|
| premium | Premium | Required. Finite number. |
{
"input": {
"insuredValue": 100000,
"annualRate": 0.01,
"coveredDays": 30,
"yearDays": 360
},
"output": {
"premium": 83.33333333333333
}
}Limitations and assumptions
- Rate is a supplied fraction and coveredDays may exceed a year; actual insurance coverage, terms, valuation and payment rights are not verified.
- Inputs must satisfy both the field types and the cross-field conditions above. Invalid input causes an error; a successful false flag or documented placeholder is a different result.
- Numeric calculations use binary floating point unless exact decimal-integer arithmetic is explicitly stated. No hidden measurement tolerance or decimal rounding is added; nonfinite or out-of-contract results are rejected. Numeric signed-zero results are exported as zero.
Alternative or Complementary methods
Use verified exhibition, provenance and insurance records with the intended measurement and contractual conventions for substantive decisions.
References
Similar or alternative tools
- Exhibition Duration Object Day Term
Return display/loan object-days and time share.
- Exhibition Open Close Inclusive Day Count Tool
Count Gregorian calendar exhibition days including opening and closing dates; closure weekdays are not subtracted.