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A one year insurance policy was purchased for $960 on July 1, 20-1. On December 31, 20-1, it had an unexpired value of:$480 or $960?

A one year insurance policy was purchased for $960 on July 1, 20-1. On December 31, 20-1, it had an unexpired value of:$480 or $960?

which is correct?

As we need to debit pre-paid insurance $480,so left $480 to be debited in next year. But the total value of the insurance policy will not be changed. I mean $960 will be covered if anything happened. So this unexpired value means?

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