What does Flat Cancellation mean? Read on to discover the definition & meaning of the term Flat Cancellation - to help you better understand the language used in insurance policies.
A flat cancellation is when a policyholder cancels an insurance policy on the effective date, the day it is meant to go into effect or on the renewal date. In these circumstances, the policyholder typically has not paid any premiums so there is no need for a refund.
We hope the you have a better understanding of the meaning of Flat Cancellation.