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.
The stakes were raised in the space race on April 15, 1961, when the Soviet Union launched cosmonaut Yuri Gagarin into space and he became the first person to orbit the Earth. Gagarin beat the Americans by less than a month.