Ristorno more rarely contra entry, offsetting entry

In accounting, the back posting of an erroneously posted item (entry that is entered on the opposite side of an earlier entry to cancel its effect on the account balance). – In indemnity insurance, the right of the insurant (insured party) to reclaim the premiums paid from the insurance company if the insured transaction did not take place and the associated risk therefore did not arise. In this case, however, the insurer (assurer, insurance provider) may deduct a cancellation fee to compensate for its costs; see § 894 HGB. – See Mistrade, Cancellation.

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