CANCELLATION OF INSURANCE POLICY Cancellation Clause Samples
The 'Cancellation of Insurance Policy' clause outlines the conditions and procedures under which an insurance policy may be terminated before its scheduled expiration. Typically, this clause specifies who may initiate cancellation (the insurer, the policyholder, or both), the required notice period, and any applicable refund or penalty provisions. For example, it may allow a policyholder to cancel coverage at any time with written notice, or permit the insurer to cancel for reasons such as non-payment of premiums. The core function of this clause is to provide a clear framework for ending the insurance relationship, thereby protecting both parties from uncertainty and ensuring that obligations and rights are understood in the event of early termination.
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CANCELLATION OF INSURANCE POLICY Cancellation. Please note that cancellation rights vary between insurers, and you should check your policy documentation if you are considering cancelling your policy. Your insurance contract may include a cancellation clause. In the event of cancellation, charges for our services will apply in accordance with Clauses 7 and 8 above, and any arrangement fees incurred at inception of the policy will not be refunded. The terms of your policy may allow insurers to retain the premium in full or to charge short period premiums in the event of cancellation.