What Does Novation Mean?

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What does Novation mean? Read on to discover the definition & meaning of the term Novation - to help you better understand the language used in insurance policies.

Novation

Novation

An agreement to replace one party to an insurance policy or reinsurance agreement with another company from inception of the coverage period. The novated contract replaces the original policy or agreement. Also known as cancel and rewrite.

We hope the you have a better understanding of the meaning of Novation.

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