Which of the following terms refers to a refund of a portion of the premium paid?

The term that refers to a refund of a portion of the premium paid is "Rebate." In insurance, a rebate is a payment made to policyholders that represents a return of part of the premium originally paid. This can occur in various circumstances, such as when an insurer has overestimated the risk associated with a policyholder, resulting in premium adjustments.

Rebates serve as an incentive for policyholders to remain with the insurer or to purchase additional products. They can also address situations where there may have been excess premiums charged based on initial assessments that did not accurately reflect the risk presented.

Underwriting refers to the process of evaluating the risks of insuring a person or asset and determining the appropriate premiums to charge. Renewal involves the continuation of a policy after its term ends, typically involving the same or adjusted premium terms based on current risk assessments and market conditions. Cancellation refers to the termination of an insurance policy before its expiration date, which may or may not involve a refund of unearned premiums depending on the terms of the contract.