The Gap Insurance Cancellation Form is a crucial document used when a policyholder wishes to terminate their gap insurance coverage before its natural expiry. This form, compliant with English and Welsh law, ensures proper documentation of the cancellation request and protects both the insurer's and policyholder's interests. It captures essential information including policy details, reason for cancellation, and refund preferences, while adhering to FCA regulations and consumer protection requirements. The form is particularly relevant when vehicles are sold, written off, or when policies are cancelled within the cooling-off period.
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1. Customer Information: Full name, contact details, and policy reference number
2. Policy Details: Gap insurance policy number, start date, and vehicle details
3. Cancellation Reason: Mandatory field for reason of cancellation
4. Refund Instructions: Bank details or preferred refund method
5. Declaration: Customer confirmation and signature section
1. Early Termination Fee Details: Used when cancellation occurs outside cooling-off period
2. Vehicle Sale Evidence: Required when cancellation is due to vehicle sale
3. Third Party Authorization: Used when someone else is authorized to cancel on policyholder's behalf
1. Cancellation Terms: Standard terms and conditions for policy cancellation
2. Refund Calculation Schedule: Shows how any refund amount is calculated
3. Required Documentation Checklist: List of documents needed to process cancellation
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