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Glossary > R > "Rescission" Definition

Rescission

The right of an individual involved within a contract to return to the identical state as before they entered into the agreement, due to courts not recognizing the contract as legally binding.

Termination of an insurance contract by the insurer on the grounds of mis-statement by the insured.

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Rescission - The right of an individual involved within a contract to return to the identical state as before they entered into the agreement, due to courts not recognizing the contract as legally binding.

Termination of an insurance contract by the insurer on the grounds of mis-statement by the insured.

Rescission : the right of an individual involved within a contract to return to the identical state as before they entered into the agreement, due to courts not recognizing the contract as legally binding.

termination of an insurance contract by the insurer on the grounds of mis-statement by the insured.