At some point, most of us have required some form of insurance. We either searched Online, called or perhaps even visited different insurance providers and settled on an insurance policy. For any insurance policy, a premium (payment for the insurance) is paid by the client. This premium is usually paid periodically, as agreed, so as to ensure that the policy is active. When purchasing any type of insurance, there is usually a document provided to the customer. This is called the policy document. It outlines what is covered, what is not covered and as well details what happens when either party decides to cancel the policy midterm.