Cancellation

{
  "id": "MLC-T-INS-000029",
  "term": "Cancellation",
  "field": "Insurance and risk management",
  "definitions": [
    "The termination of an insurance policy by either the insurer or the policyholder before its natural expiration date. This action can be initiated for reasons such as non-payment of premiums, material misrepresentation, or a change in risk exposure. The policy terms dictate the notice period and any premium refunds due upon cancellation.",
    "The termination of the insurance coverage provided by a policy before the expiration date."
  ],
  "subject": [
    "Commercial Liability",
    "National Flood Insurance Program"
  ],
  "references": [
    "FloodSmart Flood Insurance Glossary",
    "FEMA Glossary"
  ],
  "url": "https://mlchart.com/terminology/insurance/cancellation/"
}