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
Life insurance on the life of a child. ...
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Policy covering an insured's property at several different locations. This coverage is used by business firms that have several locations and may move property from location to location. ...
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Federal social insurance program that provides monthly benefits to qualified retirees, their dependents, their survivors, and, in some cases, disabled workers. OASDHI was created by the ...
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Taking over of an insurance company's assets by the State Insurance Commissioner when examination of the annual report reveals that the company is in substantial financial difficulty. The ...
Trade association of property and casualty insurance companies that do not have membership in a rating bureau. These companies do not follow standard rates and forms authored by a rating ...
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