Refund is defined as an amount paid back because of an overpayment.

Refund Explained

A return refund is money paid back for return of goods or items.

A tax refund is money owed to taxpayers when their total tax payments are greater than the total tax. Refunds are received from the government.

A premium refund is an amount of money returned to the policyholder for overpayment of premium or if the policyholder is due unearned premium.