Once a policy is bound, it can remain in effect until it reaches its expiry date, or it can be cancelled. Cancellation may result in a full or partial refund of the premium, according to rules set by the underwriter.
A cancellation can be initiated from any Bound submission of type New Business, Endorsement, or Renewal, as long as it is the latest term. A policy term cannot be cancelled if one or more renewal transactions exists. All following terms must be cancelled or declined before proceeding with cancelling this term.