How to terminate an insurance contract prematurely

You have sold your car, your tourist trip has been canceled due to certain circumstances, you don’t need to lease community property any longer. What should do with the insurance contracts covering all these items?

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 it is provided for by the terms of the insurance contract.

2. Submit an application for premature 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 is stipulated by it.

3. Get back insurance premium for the remaining period until the date of termination of the contract. Standard costs of doing business, determined by actuaries in compliance with the rules of insurance, and the actual claims paid under this insurance contract are to be subtracted from this sum.

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

In the event of premature termination of the insurance contract cash refund it is not allowed if the premium payments were made in non-cash form.