The insurance premium can be refunded. Buyers can go through the formalities of surrender and refund according to regulations. When the borrower prepays, it needs to pay the penalty for prepayment. According to the Insurance Law, after the insured and the insurer reach an agreement to terminate the contract, the insured shall pay the handling fee to the insurer, and the insurer shall refund the insurance premium to the insured. After the insurance liability begins, the applicant requests to terminate the contract. Unless otherwise agreed in the contract, the insurer may collect the insurance premium from the beginning of the insurance liability to the termination of the contract, and return the rest to the applicant. Buyers can go through the formalities of renewal and surrender according to the above provisions.