What does Cancelable mean? Read on to discover the definition & meaning of the term Cancelable - to help you better understand the language used in insurance policies.
Refers to the fact that most insurance contracts can be terminated by the insurer or the insured at any time. If an individual policy is not a cancelable policy, then it will probably be designated guaranteed renewable or noncancelable. Individual life insurance policies are noncancelable by the insurer. Most property and liability policies can be canceled.
We hope the you have a better understanding of the meaning of Cancelable.