noun
- the act of dividing, distributing, or assessing proportionally
Usage: business; finance
Examples
- The insurance company calculated the proration of the annual premium for the partial year.
- Due to budget cuts, there will be a proration of funds among all departments.
- The proration of property taxes was based on the number of days each owner held the property.
- Employees who started mid-year received a proration of their vacation days.
- The dividend proration ensured each shareholder received their fair portion.
- Rent proration is common when tenants move in or out during the middle of a month.