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Fofino [41]
3 years ago
15

If the insurer offers to renew the policy on different terms, how long does the policyholder have to cancel the policy without b

eing penalized?
Business
1 answer:
kakasveta [241]3 years ago
4 0

Answer:

30 days after receiving notice of the changes

Explanation:

If the insurer offers to renew the policy on different terms, how long does the policyholder have to cancel the policy without being penalized?

An insurer is defined as- a person or company that underwrites an insurance risk; the party in an insurance contract agrees to pay compensation. Generally, the term insurer is synonymous  with the term insurance provider or insurance company.

A policyholder is a person who buys an insurance policy. The policyholder is protected by the details in the insurance policy. He or she can add more persons to the policy depending on the type.

In most cases, a policyholder is allowed to cancel the policy within 30 days without been penalized for a short rate cancellation fee.

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The elasticity of demand, also known as the elasticity-price of demand, is defined as the percentage change of the quantity demanded before a percentage change in the price.

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