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The voluntary act of terminating an insurance contract is called:
Suggested Answer: D
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Cancellation, per Virginia Code 38.2-3106 (life) and 38.2-3508 (health), is the voluntary termination of a policy by the insured or insurer. Options A, B, and C aren't standard terms for this action in Virginia insurance law. The study guide defines cancellation as a deliberate act, distinct from lapse (nonpayment) or nonrenewal, making D the correct term.
12 comments · newest first
LO
Lonna
3 days ago
Nope, it's Cancellation for sure.
CH
Charlene
8 days ago
I thought it was Finalization?
WI
William
13 days ago
It's definitely called Cancellation!
TO
Tommy
18 days ago
I had no idea it was called that!
KR
Kristin
24 days ago
Wait, are we sure it's not B) Rejection?
TU
Tula
29 days ago
Totally agree, it's D) Cancellation!
GW
Gwen
1 month ago
I thought it was A) Elimination at first.
CO
Corinne
1 month ago
It's definitely D) Cancellation.
CO
Cory
1 month ago
I definitely recall "Cancellation" being a common term in our study materials, but I might be mixing it up with something else.
MA
Margot
2 months ago
I feel like "Rejection" could also fit, but it doesn't sound quite right for terminating an insurance contract.
TA
Tawanna
2 months ago
I remember practicing a question about ending contracts, and "Cancellation" seemed to be the right choice there too.
YA
Yan
2 months ago
I think the term we're looking for is "Cancellation," but I'm not entirely sure if that's the only term used in this context.