Cancelable

A contract of insurance that may be terminated by the insurer or insured at any time. Practically every form of insurance is cancelable, except Life Insurance and those Health Insurance policies designated as a "guaranteed renewable" or "noncancelable and guaranteed renew-able." Some states also regulate when or if Automobile policies can be cancelled

See Also: Controlled Business; Common Policy Declarations; Common Law Liability; Commission; Class (or Classification); Claims Reserve; Certificate of Insurance; Certificate of Convenience; Captive Insurer;

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