What does cancelable insurance mean?

cancelable insurance meaning in Law Dictionary

this will be insurance which may be canceled, anytime, because of the insured celebration or by the insurance company. Besides life insurance, most insurance policies could easily be. In the event that insurer cancels the policy, it must initially give notice and should also refund prepaid premium on a professional rata basis.

cancelable insurance meaning in Business Dictionary

plan which may be ended both by the insured celebration or even the insurance provider (the insurer) anytime. Except life insurance, virtually various types of insurance plan is very easily cancelable. In the event that insured cancels, the insurer will charge the bigger advanced rate (relevant to short term guidelines) from the period already covered. If insurer cancels, it should supply the period of notice required inside plan and must refund prepaid advanced on a professional rata foundation.