What is a flat cancellation?

Flat cancellation ends the fuse at the date of efficiency, so the insurer never accepts liability according to the insurance policy. Customers are entitled to full compensation because they have never used this policy. Depending on the situation, the policyholder or the company may initiate a flat cancellation. Documentation may be required to interrupt the relationship with the company and receipt of money for bonuses and paid fees. This may happen when people get rid of assets and therefore no longer have to insure them or decide to remove a policy with another society. For example, someone could sell a car around the date of insurance renewal and could request the cancellation of policy and the refund of the premium already paid. It may be necessary to file a specific form for cancellation of policy, which explains that the insurer has not arisen any liability must provide a full compensation.

Insurers can balance the abolition of policy if they have reason to believe that the policyholder was not regardThey are true requests for insurance. They may decide to reverse the offer of coverage based on new information. This varies from resignation where active policy is completed. If the insurance company is canceled, the insurance company informs about the customer that no cover will be provided and will return the fee. The law may require insurers to provide information on why policy has been downloaded.

Customers who later decide to open a policy after the permission of flat cancellation may have to be re -enrolled. This process may include the submission of the documentation on the assets and conditions in which they are maintained and also provide information on the policyholder's demography. The former offer of coverage is not the certainty that the insurer will be subfotoned again.

Since the policy has been unused, the policyholder cannot claim any claims. If, for examplecover. Insurers who are moving between insurance companies should make sure they are covered at all times, because the gaps in coverage will not be paid by the insurer. Protection against situations where no insurer provides coverage is important for large assets that could not be replaced without help.