A condition precedent to a constructive total loss in marine insurance. The Insurer usually rejects the ‘notice of abandonment’ and agrees to place the Insured in a position as though a writ had been issued against the insurer.
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A period of time (usually 10, 20 or 30 days) during which a policyholder may examine a newly issued individual policy of life or health insurance, and surrender it in exchange for a full refund of premium if not satisfied for any reason.