DEFINITION
Cancellation Rewrite

The process of terminating a policy before the expiration date stated in the policy, and issuing a new policy to supersede the one terminated. The new policy usually is written for a period of one year to avoid a short rate premium charge. Most changes in the insuring agreement between the carrier and insured are made by an endorsement attached to the policy, but the cancellation rewrite method may be used for this purpose and also to extend the time of the insuring agreement. See Endorsement.

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