statutory rebate "statutory rebate" - (a) in relation to terms charges - (i) means the amount derived by multiplying the terms charges by the sum of all the whole numbers from one to the number which is the number of complete months in the period of the agreement still to go (both inclusive) and by dividing the product so obtained by the sum of all the whole numbers from one to the number which is the total number of complete months in the period of the agreement (both inclusive); or (ii) where it is agreed in a hire-purchase agreement that the terms charges have been calculated on a simple interest basis at a rate specified in the agreement on the amount outstanding from month to month - means the amount of interest attributable to the period of complete months still to go under the agreement; (b) in relation to insurance, means the sum of - (i) the amount of premium paid in respect of any annual period not yet commenced; and (ii) the amount of premium paid in respect of the current annual period less the amount of premium which would have been paid at the insurers short period rates for the period which the policy has been in force provided no claim has arisen during this period; ACT 212 - HIRE-PURCHASE ACT 1967 (Revised 1978) 2. Interpretation.