Definition of "Cancel"

Yadira Bello real estate agent
Yadira Bello, Real Estate Agent Deconova International 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.

Have a question or comment?
We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 
 

 

Popular Insurance Terms

Popular Insurance Questions