Cancellation of Insurance Policy can be obtained by several means and can be initiated either by the insured or the insurer. The most common way of cancellation of insurance policy is by mutual agreement between the parties. However, it happens most of the times that the cancellation happens unilaterally either initiated by the insured or the insurer.
In an eventuality wherein the insured wishes to cancel the policy, he may do so by not opting to renew the policy at the time of its termination. Further, a policy may be cancelled upon non-payment of any dew premium. In addition to it, Cancellation of Insurance Policy may also be carried out by issuing a written notice to the insurer to that effect.
In case of nonpayment of premium on part of the insured, the insurer may even take necessary action to cancel the insurance policy.
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