During the cancellation period, an insurer must refund any premiums and policy fees within thirty days of written cancellation notice by the insured.
What is the significance of a cancellation notice?
A cancellation notice, in case of an insurance policy purchase, can be referred to or considered as a notice within which an insured person may opt out of the policy that he or she has purchased. An insurer is under an obligation to make refunds for cancellations made within a period of 30 days from purchase.
Therefore, the significance regarding a cancellation notice has been aforementioned.
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