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I'm just starting to check online to see if I can figure out / clarify this, but if anyone here knows what this means could you please explain in lay womans / mans terms? I understand parts (4) and (5) which are pretty straight forward, but the first three are confusing me.

This is part 5. on our house insurance policy:

(1) This contract may be terminated,
(a) by the insurer giving to the insured fifteen days' notice of termination by registered mail or five days' written notice of termination personally delivered;
(b) by the insured at any time on request.

(2) Where this contract is terminated by the insurer,
(a) the insurer shall refund the excess of premium actually paid by the insured over the proportionate premium for the expired time, but in now event, shall the proportionate premium for the expired time be deemed to be less than any minimum retained premium specified; and
(b) the refund shall accompany the notice unless the premium is subject to adjustment or determination as to amount, in which case the refund shall be made as soon as practicable.

(3) Where this contract is terminated by the insured, the insurer shall refund as son as practicable the excess of premium actually paid by the insured over the short rate premium for the expired time, but in no event shall the short rate premium for the expired time be deemed to be less than any minimum retained premium specified.

(4) The refund may be made by money, postal or express company money order or cheque at par.

(5) The fifteen days mentioned in clause (1) (a) of this condition commences to run on the day following the receipt of the registered letter at the post office to which it is addressed.
 

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Which words don't you understand? Maybe you need to buy your insurance with a in-person agent instead of direct by phone. You can drop in the office, like State Farm to ask for any clarification.

Insured = you
Insurer = your insurance company
minimum retained premium specified = minimal charge for your insurance, even it is only for 1 day... usually 10-15%. In other words, if you switch early, you will only get 85% of your money back

No offense but you need to buy from a brick-and-mortar insurance agent. Their service is usually free (ie, from your insurance premium) anyway.
 

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Part one says either party may cancel the coverage at any time.

Part two sets out how you will be refunded in the event the insurer cancels the coverage. You will get any payment beyond a minimum amount that will be retained by the insurer.

Part three sets out how you will be refunded in the event that you cancel the insurance.

Does that help?
 
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