What is the term for the termination of an insurance policy during the policy term by either party?

The term for the termination of an insurance policy during the policy term by either party is "Cancellation." This term specifically refers to the process where either the insurer or the insured decides to terminate the policy before its scheduled expiration date. Cancellation can occur for various reasons, such as non-payment of premiums, changes in risk, or mutual agreement.

Understanding this terminology is crucial for adjusters, as knowing how and why policies may be canceled can significantly affect claims handling and customer communication. The other terms listed, such as "Expiration," refers to the natural end of the policy term without any proactive steps taken by either party; "Non-Renewal" occurs when a policy is not renewed at the end of its term, usually initiated by the insurer; and "Termination" is a broader term that may not specifically indicate that it is happening during the policy term. Each of these terms highlights different aspects of policy lifecycle management, but Cancellation is distinctly focused on mid-term policy termination.