There are a myriad of reasons an Insured may elect to cancel their insurance coverage which range from the sale of an asset (i.e. – automobile or building), to a child becoming an independent adult, to simply closing a business.  Regardless of the reason, there is a methodical process upon which the cancellation is documented, and unearned premiums returned to the Insured, all of which are closely governed by State insurance law.

To begin, every insurance policy has its own insuring agreements, exclusions, terms and  conditions, wherein the specific cancellation process and methodology will be confirmed.  [Read more…]