Noncancellable Insurance Policy

Definition of "Noncancellable insurance policy"

Jason Coker real estate agent

Written by

Jason Cokerelite badge icon

Legendary Realty

Insurance contract that cannot be cancelled by the insurance company. Since the insurance policy is a UNILATERAL CONTRACT instead of a BILATERAL CONTRACT, the INSURED may cancel at will. Only the insurer makes a promise of future performance and only the insurer can be charged with breach of contract.

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