I suspect the provided figures in the 'My Dashboard' may be a bit confusing. My rough interpretation:
Protect Rebates (Lender): The amount of PP rebate paid to lender at this point in time.
Protect Rebates (Borrower): The amount of PP rebated due to early repayment - this is not a loss, this is balancing the Outstanding Principal which is inflated when the PP is taken out.
Principal waived: This is a loss due to a payment not being made.
When a PP is taken out, the lenders Outstanding Principal value is inflated above the value of the loan - this results in a higher gross interest return which, combined with the PP payment by the borrower throughout the loan, gives the benefit. I assume the PP 15%pa management fee is included in the Service / Lender fees...
It is difficult to put in words - have a look at the examples Harmoney provide which may help?
https://www.harmoney.co.nz/payment-protect/lenders
Added: The 'Premium' does not get paid at the end of the loan - PP is paid throughout the loan. However, rebates
are paid at early termination of the loan.