The type of policy where the insurer can send a notice to the insured that the policy has been cancelled in the middle of the term is called
Cancelable
A midterm cancellation policy is a type of policy where the insurer may send a notice to the policyholder that the policy has been cancelled in the middle of the policy term. There are a number of reasons why an insurer may choose to cancel a policy midterm, such as non-payment of premiums, misrepresentations or fraud by the policyholder, or significant changes to the risk that was originally insured. In such cases, the insurer must provide adequate notice to the policyholder along with a clear explanation of the reason for cancelling, as well as any refund of premiums that may be owed to the policyholder. The specifics of a midterm cancellation policy will depend on the terms and conditions of the particular insurance contract, as well as any relevant state or federal laws governing insurance practices.
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