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Glossary of Terms

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From The Glossary »

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Cancellation, Rewrite:

The process of terminating a policy prior to the expiration date and issuing a new policy to supersede the one terminated. The new policy is usually written for a period of one year to avoid a short-rate premium charge. Most changes in the insurance agreement between the insurer and insured are made by an endorsement attached to the policy, but the cancellation rewrite method may be used for this purpose and also extend the time of the insurance ...
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