#ShortRateCancellation occurs when an #insurancepolicy is cancelled before its expiration date, and the refund of the premium is less than what would be returned on a pro-rata basis. This type of #cancellation accounts for #administrative costs and other expenses incurred by the #insurer. It’s often used for policies on seasonal vehicles or other short-term coverages.

Are you dealing with a specific policy cancellation, or do you have more questions about how short rate cancellation works?

Sincerely,

Harpreet Singh, Most lovable ❤️ Insurance Broker in Ontario

Phone – 6476217890

Email – insurancechampion@outlook.com

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