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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Publication that lists premiums charged for products sold by an insurance company. A manual also has underwriting guidelines for agents. A life insurance rate manual includes minimum ...
Clause in an insurance policy stipulating that the benefits under the policy will accrue to the right of the insured. For example, if the insured leaves a violin at a repair shop and that ...
Risk management tool to determine risk exposure and to help spread the risk. A risk manager considers a business firm's individual exposures separately. As the number of exposures ...
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Agreement of two or more insurance companies to provide a product or service. ...
Modified premium used to calculate cash surrender values in excess of that required by the naic: standard NON FORFEITURE LAW. ...
Contract that details coverage for business property losses in three specific areas: Coverage A (Building). All buildings on the site are covered with no coinsurance requirement and on a ...
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