Cancellable
Definition of "Cancellable"
Same as term 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
Losses representing claims not paid. ...
Actual morbidity experience of an insured group as compared to the expected morbidity for that group. ...
Same as term Commingled Trust Fund: pooling of assets of two or more pension funds under common portfolio management. ...
Figure used in calculating a worker's primary insurance amount (PIA) to determine Social Security benefits in the following manner: calculate the number of years between the worker's ...
Critical point in the total amount of claims paid above which the excess insurance policy pays a percentage (generally 80-100%) of the claims for any policy year experience. ...
Average earned monthly income of the insured wage earner after regular earned income has been interrupted or terminated because of illness, sickness, or accident. This income amount is ...
Use of a home, and the land and buildings surrounding that home, free from the claim of creditors. This right gives rise to an insurable interest. ...
Historical mortality table that replaced the group annuity table, 1951, whose statistics at that time were more current than the replaced table. This table was subsequently replaced by the ...
Coverage in which individuals who cannot obtain conventional automobile liability insurance, usually because of adverse driving records, are placed in a residual insurance market. Insurance ...
Have a question or comment?
We're here to help.