Can You Cancel Health Insurance Anytime – A cancellation provision is a provision in an insurance policy that allows the insurer or insurance company to cancel a property and casualty or health insurance policy at any time before it expires.
Life insurance policies do not contain cancellation provisions, and health insurance policies contain cancellation provisions, but these provisions do not allow the insurer to cancel the policy.
Can You Cancel Health Insurance Anytime
Typically, a cancellation provision requires that whenever a party decides to cancel a policy, that party must send written notice to the other party involved. The insurance company is also required to refund the prepaid premium on a pro-rata basis.
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For example, if the insured paid a premium for three months and decided to cancel the policy at the end of the second month, the insurance company must calculate the premium applicable to the last month and return it to the insured.
If an insurance policy is subject to cancellation, the insurer is generally required to provide written notice 30 days prior to the effective date. If the notice does not provide an explanation for the cancellation, the company is often required to provide such an explanation in writing upon receipt of a written request from the policyholder.
If an insurance policy is canceled before its expiration date, the insurer is required to refund the difference in premiums due. If the insurance policy is not renewed, the insurer must follow procedures similar to cancellation.
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