Definition Of rebate
a partial refund to someone who has paid too much money for tax, rent, or a utility.
If you are on a low income you may be able to claim a rebate on your rent and council tax.
pay back (such a sum of money).
Presumably the policy contains provision for rebating the premium, if the matter does not go to trial?
Example Of rebate
a rebate joint
A North Dakota Senator has sponsored a bill that would tax profits when oil is above $40 a barrel and rebate the money to taxpayers.
All service charges except heating and hot water are rebatable .
And because credit unions are run for the benefit of their members, a borrower may get a rebate at the end of the year if the credit union is in surplus.
And it recently took steps to ensure it gets its fair share of the profits by prohibiting independent travel agents from rebating portions of their commissions to customers as discounted fares.