Noncancellable Insurance Policy
Definition of "Noncancellable insurance policy"
Insurance contract that cannot be cancelled by the insurance company. Since the insurance policy is a UNILATERAL CONTRACT instead of a BILATERAL CONTRACT, the INSURED may cancel at will. Only the insurer makes a promise of future performance and only the insurer can be charged with breach of contract.
Popular Insurance Terms
Organization founded in 1993, the thesis of which is to apply quality management principles to insurance functions. To this end, the organization is involved in insurance industry-wide ...
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Section of a policy specifying: parties to the contract (the insurance company and the person or business to be insured); terms of the policy when it goes into force, and when it ends; ...
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Amount established by an insurance company, but not required by state law, for any of a number of reasons, such as a reserve for payment of future dividends. A voluntary reserve is likely ...
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