In cases of overinsurance, the insured is entitled to a return of the premium as follows: 1. In overinsurance by several insurers, to a ratable return of premium proportioned to the amount by which the aggregate sum insured in all the policies exceeds the value of the thing at risk. 2. In overinsurance effected by simultaneous policies, the insurers contribute to the premium to be returned in proportion to the amount insured by their respective policies. 3. In overinsurance effected by successive policies, those only contribute to a return of the premium who are exonerated by prior insurance from the liability assumed by them and in proportion as the sum for which the premium was paid exceeds the amount for which, on account of prior insurance, they could be made liable.
26.1-24-05. Surrender of fire policy for cancellation - Return of premium - Short-term rates. The holder of any insurance policy against loss or damage to property by fire or other casualty, notwithstanding any provision of the policy or contract to the contrary, may surrender the policy for cancellation at any time. Upon surrender, the company issuing the policy shall retain or receive such proportion, and not more, of the premium paid or agreed to be paid, including policy fees in excess of two dollars on any one policy and other sums of money paid or agreed to be paid in consideration of the insurance policy, as corresponds with the usual short rates upon term policies as adopted and maintained by the organization which promulgates rates for fire insurance on property situated in this state for the time the policy remained in force.