You sold your car, your road trip can’t happen under any circumstances, you’ve lost the need to rent property in the community, and it was all insured. What to do with the insurance contract?

1. Read the contract.

According to Art. 28 of the Law “On Insurance” the insurance contract can be terminated prematurely at the request of the insured or the insurer, if provided for by the terms of the insurance contract.

2. Submit an application for early termination of the contract to the insurance company, indicating your bank details.
Either party shall notify the other of the intention to terminate the insurance contract before the deadline not later than 30 days before the date of termination of the insurance contract, unless otherwise stipulated by it.

3. Receive insurance payments for the period remaining until termination of the contract, less the standard costs of doing business as determined by actuarial calculations in the insurance rules, and the actual payments of insurance compensation, which have been made under this insurance contract.

If the insurant’s claim is due to the insurer’s violation of the terms of the insurance contract, the latter shall return to the insurant the insurance payments paid by him in full.

In the event of early termination of the insurance contract it is not allowed to return the funds in cash, if the payments were made in non-cash form.