Definition of "Cancel"

Yadira Bello real estate agent

Written by

Yadira Belloelite badge icon

Agent Trust Realty

Termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums must be returned. If an insured cancels the policy, an amount less than the unearned premiums is returned, reflecting the insurance company's administration costs of placing the policy on its books. Usually this term is applied only in property and disability insurance.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Circumstance that produces the loss. ...

All insured losses paid in full. ...

Specified requirements of minimum age and years of service to be met by an employee before the individual's benefits are vested. For example, under the ten year vesting rule, "n employee ...

Coverage that guarantees that the insurance company will pay the insured business or individual for money or other property lost because of dishonest acts of its bonded employees, either ...

Elimination of unnecessary financing costs and the redirection of those sums to activities that are more profitable. The concept is for the company to have a long-term view of its risk ...

Law under which one state gives favorable tax treatment to an insurance company domiciled in a different state that is admitted to do business, provided the second state does the same for ...

Coverage when residential property does not qualify according to the minimum requirements of a homeowner's policy, or because of a requirement for the insured to select several different ...

One where an injury or other harm takes time to become known and a claim may be separated from the circumstances that caused it by as many as 25 years or more. Some examples: exposure to ...

Option to an insurance company to replace, reconstruct (repair), or reproduce (rebuild) damaged or destroyed property covered by property insurance rather than indemnify an insured in cash. ...

Popular Insurance Questions