That means that you usually have a few months to prepare for it if you have a loss in the middle of the policy term. (effectivecoverage.com)
If you make a change in the middle of your policy term, you'll only be billed for the additional coverage for the remainder of the term. (effectivecoverage.com)
Typically, your entire unused premium will be refunded, though some insurance companies will charge a fee if you cancel in the middle of the policy term. (bankrate.com)