Noncancellable Insurance Policy

Definition of "Noncancellable insurance policy"

Jason Coker
  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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ