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In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence. [1] Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible ...
Yes, your insurance company can cancel your coverage. If you do not pay your premium on time, lie on your auto application or your driver’s license gets suspended or revoked, your insurer could ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy ...
Loss payee clause. A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy. Such clauses are common where the insured ...
You can call your agent or carrier to request that your policy be canceled on a specific date. You may need to sign a cancellation form to confirm your request. You may also be entitled to a ...
If you decide to cancel, contact your insurance company by phone or in writing to inform them of your decision. After this period ends, canceling the policy might involve more steps, particularly ...
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