Lost Policy Release
What Does Lost Policy Release Mean?
A lost policy release is a form that a person signs if they have lost their physical insurance policy and wants to end the insurance contract.
Insuranceopedia Explains Lost Policy Release
Canceling an insurance policy used to involve mailing the actual paper policy package back to the insurance company.
In the modern insurance industry, cancellation does not require mailing back the policy. Lost policy releases are, therefore, not necessary in most cases. They are, however, still used in some cases. An auto insurer, for instance, might get a policyholder to sign a lost policy release if they are switching over to a different auto insurance provider. Once this form is signed, the insurer is no longer liable for reimbursing losses to the policyholder.