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.
By 1959, American observers believed that the Soviet Union would be the first to get a human into space, because of the time needed to prepare for Mercury's first launch. On April 12, 1961, the USSR surprised the world again by launching Yuri Gagarin into a single orbit around the Earth in a craft they called Vostok 1.