What is defined as a premium for which coverage has already been provided?

The term "earned premium" refers to the portion of the premium that corresponds to the time that coverage has been provided under an insurance policy. When a policyholder pays a premium for an insurance policy, they are essentially paying for coverage over a specified period. As time passes and the coverage is utilized, that portion of the premium is considered "earned."

In the context of insurance, once the coverage period begins, the insurer has completed the obligation to provide protection for that elapsed time, thus "earning" that part of the premium. For example, if a policyholder pays for a one-year policy, after six months, half of the premium paid would be classified as earned because half of the coverage period has transpired.

The other options do not pertain directly to the definition provided in the question. A renewal premium refers to the premium paid for the continuation of coverage, typically at the end of a policy term. Unearned premium indicates the part of the premium that has been collected for coverage yet to be provided; it remains until the time period it covers has passed. Expired premium is not a commonly recognized term in insurance contexts and typically would not be used to describe premiums specifically. This context helps to clarify why "earned premium" is