Free-look cancellation rights require disclosed timelines and premium refunds, while mid-term insurer cancellation remains strictly limited. Policyholders may surrender or cancel life or general insurance policies at any time by giving the prior notice required under the policy, with processing ... Summary
Free-look cancellation rights require disclosed timelines and premium refunds, while mid-term insurer cancellation remains strictly limited.
Policyholders may surrender or cancel life or general insurance policies at any time by giving the prior notice required under the policy, with processing governed by applicable policy terms. Life and health insurance policies must provide a free-look cancellation option, exercise timelines, and premium-refund provisions. General insurance policies must specify cancellation grounds and timelines. Mid-term cancellation by the IIO is confined to fraud, misrepresentation, or moral hazards.
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