Cancelable insurance,
Definition of Cancelable insurance:
Cancelable insurance is a type of policy that either the insurance company or the insured party may terminate in the midst of the coverage term. Many types of insurance, with the exception of life insurance, can be structured in this way.
Policy that may be terminated either by the insured party or the insurance company (the insurer) at any time. Except life insurance, practically all types of insurance coverage is easily cancelable. If the insured cancels, the insurer will charge the higher premium rate (applicable to short-term policies) on the period already covered. If the insurer cancels, it must give the period of notice required in the policy and must refund prepaid premium on a pro rata basis.
Typically, the insured can terminate a cancelable policy at any time. If the insurer cancels the policy, however, the firm must give notice to the policyholder and must also refund any prepaid premium on a pro-rata basis.
How to use Cancelable insurance in a sentence?
- Usually, the insured can terminate a cancelable policy at any time, but If the insurer cancels the policy, they must give advanced notice and also refund any prepaid premium.
- Cancelable insurance is a type of policy that either the insurance company or the insured party may terminate during the coverage term.
Meaning of Cancelable insurance & Cancelable insurance Definition
