policy-cancellation-refund.md

Uploaded 8/8/2026, 11:53:48 PM

# Policy Cancellation and Refund Process

When a policyholder requests cancellation, the Agent submits the request through the Policy Administration System. The Finance Team then calculates any prorated refund owed.

If the policyholder cancels mid-term with no claims, the Finance Team issues a full prorated refund. If the policyholder has an open claim, the Finance Team holds the refund until the claim is resolved.

Policy requires refunds to be issued within 15 business days of a processed cancellation. In practice, the Finance Team tries to process straightforward refunds within a week, since delayed refunds are a common source of complaints.

Policies canceled due to non-payment are not eligible for a refund, which is an exception to the standard cancellation-refund process.