noun a proportional or proportional share
verb to divide, distribute, or assess proportionally
In real estate, prorate is used to divide property taxes, homeowners association fees, or rent between the buyer and seller based on the time each party owns the property.
In finance, prorate is used to allocate expenses or revenues proportionally based on a specific factor such as time or usage.
In insurance, prorate is used to calculate the premium for a policy that is in effect for only part of the coverage period.
In utilities, prorate is used to calculate the charges for services like electricity, water, or gas based on actual usage or a predetermined formula.
In the publishing industry, writers may receive prorated payments based on the number of articles or words they contribute to a publication.
Psychologists may prorate their fees for clients who only attend a portion of their scheduled sessions.
Accountants may prorate expenses for clients based on the number of months or days a service was provided.
HR managers may prorate employee benefits for new hires who start mid-year, adjusting the coverage and contributions accordingly.