Common use of POLICY CANCELLATION OR NON-RENEWAL Clause in Contracts

POLICY CANCELLATION OR NON-RENEWAL. The insurer retains the right to cancel, modify or rescind the policy if statements on the health insurance application are found to be misrepresentations, incomplete, or if fraud has been committed, leading the insurer to approve an application when, with the correct or complete information, the insurer would have issued a policy with restricted coverage or declined to provide insurance. If the insured changes country of residence, and the insured’s current plan is not available in the insured’s new country of residence, the insurer retains the right to cancel or modify a policy in terms of rates, deductibles or benefits, generally and specifically, in order to offer the insured the closest equivalent insurance coverage possible. Submission of a fraudulent claim is also grounds for rescission or cancellation of the policy. The insurer retains the right to cancel, non-renew or modify a policy on a “block” basis as defined in this policy, and the insurer will offer the closest equivalent coverage possible to the insured. No individual insured shall be independently penalized by cancellation or modification of the policy due solely to a poor claim record.