Okuzeka
Insurance vocabulary · Policies & Contracts

Cooling-off period

Meaning in insurance, with examples

nounCommon term

In insurance, cooling-off period means: A short time after buying a policy during which the customer can cancel it and usually get the premium back.

In Turkish: cayma süresi, cayma hakkı süresi

How it is used

A consumer protection term found in policy documents and sales scripts. The length depends on the country and the product, often 14 or 30 days. Sales staff must tell customers about their right to cancel within this period.

Example sentences

  1. You can cancel the policy without giving a reason during the 30-day cooling-off period.

  2. The customer called on day ten, so she was still within the cooling-off period.

Common collocations

  • within the cooling-off period
  • cooling-off period ends
  • 14-day cooling-off period
  • right to cancel
  • cancellationEnding an insurance policy before its expiry date, either by the customer or by the insurance company.
  • policyThe written contract between an insurance company and a customer that sets out what is covered, for how long, for how much and on what conditions.
  • pro rataCalculated in proportion to the time or share involved, for example a premium refund based on the exact number of unused days.
  • life insuranceInsurance that pays a sum of money to the named beneficiaries when the insured person dies, and in some products also builds up savings.

More terms: Policies & Contracts

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This page explains English vocabulary for learners. It is not financial advice.