Definition of "Cancel"
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.
Popular Insurance Terms
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Privately formed insurance company whose objective is to make a profit. ...
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Now-defunct bureau founded by fire insurance underwriters in 1866 to work for fire prevention and loss control. The board helped standardize the fire insurance policy. In the mid-1960s, the ...
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