What does Cancelable Insurance mean? Read on to discover the definition & meaning of the term Cancelable Insurance - to help you better understand the language used in insurance policies.
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.
We hope the you have a better understanding of the meaning of Cancelable Insurance.