Cancellation
Definition of "Cancellation"
Same as term Cancellation Provision Clause: provision permitting an insured or an insurance company to cancel a property and casualty or a health insurance policy (circumstances vary; see also COMMERCIAL HEALTH INSURANCE) at any time before its expiration date. The insured must send written notice to the insurance company, which then refunds the excess of the premium paid above the customary short rates for the expired term. If the insurance company cancels, it sends written notice to the insured of cancellation and refunds the unearned portion of the premium.
Popular Insurance Terms
Government agency whose function is to administer the Federal Flood Insurance Program, the Federal Crime Insurance Program, and the fair access to insurance requirement (fair) plan. ...
Trust that cannot be revoked by the creator. ...
Contract combining whole life and decreasing term insurance. A monthly income is paid to a beneficiary if an insured dies during a specific period. At the end of that period, the full face ...
New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
Injury that does not qualify either for partial or total disability income under a disability income or Workers Compensation policy. ...
U.S. government group term life insurance for male and female members of the federal uniformed forces on active duty, underwritten by private insurance companies. Premiums reflect peacetime ...
Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
Time interval between the date benefits end under Social Security and the date these benefits resume. For example, survivor benefits are paid only as long as the parent (if less than age ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
Have a question or comment?
We're here to help.