"To cancel the coverage" means to terminate or end the protection or insurance policy that was previously in place. It signifies stopping the agreement or contract that provided financial and legal safeguards.
Full definition
A mortgage protection policy that's bundled into your mortgage is even more restrictive, as you can't choose to
cancel your coverage if you don't need it.
As long as the premium is paid on these policies, the insurance company can
not cancel the coverage for any reason.
During the first two months of your auto insurance policy, your insurer is allowed to
cancel your coverage for whatever reason they feel like.
The policy owner can choose to
cancel the coverage within the specified time period, and collect a full refund on the initial premium amount.
The costs
of cancelling coverage, and the associated challenges, make it well worth the time to double - check these details.
The section devoted to «policy terms and conditions» will explain to you how you should
cancel coverage in case you no longer want to be insured by that carrier.
If the plan is simply not what you need, you can
also cancel the coverage you've purchased for a refund (minus a small fee).
The insurer doesn't
always cancel the coverage, but the increased cost makes many people consider dropping the policy voluntarily.
The most dangerous reason is that
cancelled coverage means you might get into an accident with no car insurance and have a lawsuit brought against you to recover damages.
If your conclusion is that this plan won't work for your needs, you can
cancel the coverage as long as it's within the travel insurance plan's free review period.
The only exception to this rule is if the insurance provider needs to
cancel coverage due to unpaid premiums.
A mortgage protection policy that's bundled into your mortgage is even more restrictive, as you can't choose to
cancel your coverage if you don't need it.
The costs
of cancelling coverage, and the associated challenges, make it well worth the time to double - check these details.
Unlike other types of insurance, canceling a term insurance policy is relatively easy... you can either stop making payments on that specific policy, or
cancel your coverage in writing.
This means that in those states, your insurance company is not legally allowed to
cancel your coverage based on your dog's breed, even if it's a pitbull.
There are times when your insurance provider may not completely pay out your claim, or worse may reject your claim or
cancel your coverage all together:
If you don't get your premiums up to date within the 90 - day grace period, your health plan will
cancel your coverage retroactive to the day you became 31 days late paying your health insurance premium.
One thing that doesn't usually trigger a special enrollment period is losing your health insurance because you didn't pay the monthly premiums or because you
voluntarily canceled the coverage.
A voluntary return of a permanent policy
which cancels the coverage inside the policy and cashes out any remaining cash value attached to the canceled policy.
Also, your life insurance ends after you stop paying your premiums and the insurer cancels your policy, or if the
insurer cancels your coverage at your request.
Insurers typically have a period of a few years during which they can
cancel coverage if they found you falsely responded to any underwriting questions, and you'll forfeit all premiums paid up to that point.
«I am pleased the Supreme Court reaffirmed the hard fought progress that was made to ensure that no one can be denied coverage for a pre-existing condition, being a woman will no longer be a pre-existing condition, young adults will be covered, prescription drug costs for seniors will be reduced, preventive care including life - saving mammograms will be accessible and that insurance companies can't
cancel their coverage when you get sick.
If you purchase your policy through the mail, make sure you read the fine print and avoid any policy that increases in cost as you get older, or
cancels your coverage early.