The policy buyer may also opt for cancellation of the policy within 14 days of the inception of the policy. (policybazaar.com)
This article essentially claims that the $ you get on cancellation of a policy, grows with time as you pay more premiums and as time passes so that profits compound. (en.wikipedia.org)
If you sell your home, you report that to your home insurance company and request cancellation of the policy as it is no longer needed. (answers.com)