That portion of a policy's premium that applies to the expired portion of the policy. Although insurance premiums are often paid in advance, insurers typically earn the premium at an even rate throughout the policy term. More Risk Finance and Captives Information from IRMI.
Explorer 1 became the first successfully launched satellite by the United States when it was sent to space on January 31, 1958. A quick response to the Soviet Union's launch of Sputnik 1, Explorer 1's success marked the beginning of the U.S. Space Age.
About a month later Alan Shepard, Jr. became the first American in space on May 5, 1961, when he was launched aboard Mercury-Redstone 3. His 15-minute flight, dubbed Freedom 7, was watched by some 45 million television viewers. Between 1961 and 1963, six manned spacecraft flew as part of the Mercury project.