Cancellation of an insurance policyA written contract of insurance. More or bond with the return premiumA refund to the policyholder of part of the premium he has paid because of cancellation, rate reduction, reduction in amount of insurance, or some sim... More credit being the full proportion of premium for the unexpired termThe period of time from the inception to the termination of an insurance policy or bond. More of the policyLegally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. More.