Notice of cancellation clauses

{
  "id": "MLC-T-INS-002368",
  "term": "Notice of cancellation clauses",
  "field": "Insurance and risk management",
  "definition": "Policy provisions that specify the terms under which an insurer or an insured can terminate coverage before the expiration date. These clauses detail the required advance written notification period, the method of delivery for the notice, and the reasons for which a policy can be cancelled. State regulations mandate minimum notice periods, which vary by the type of insurance and the reason for cancellation, such as 10 days for nonpayment of premium or 30 days for other underwriting reasons.",
  "url": "https://mlchart.com/terminology/insurance/notice-of-cancellation-clauses/"
}