Acord Cancellation Form FAQs
1) What is an ACORD cancellation form?
Insurance companies and their policyholders use an Association for Cooperative Operations Research and Development (ACORD) cancellation form, also known as a policy release form or ACORD 35, for requests to cancel a current insurance policy.
ACORD designed this form to track and monitor these cancellation requests — as well as to better regulate and standardize these processes. Using an ACORD cancellation form helps ensure you’ve provided all necessary information to quickly and efficiently cancel your policy. These forms help to streamline the policy release process so insurance companies and their policyholders aren’t stuck in unnecessarily long, drawn-out cancellations.
2) Who needs to use an ACORD cancellation form?
Currently insured policyholders must submit an ACORD cancellation form as a formal request to cancel their insurance policy. However, a qualified and experienced individual should fill out these forms to prevent potential errors or issues during the cancellation process. If you fill out a form without an experienced individual, you risk overcomplicating and/or delaying your cancellation process — leading to frustration and potential costs for you or your business.
ACORD cancellation forms include all the necessary information for an insurance provider to begin processing this policy release request. Filling out these forms correctly the first time ensures your policy release will be processed without issue.
3) When should an ACORD cancellation form be filled out?
You should fill out an ACORD cancellation form when you’ve determined you’d like to cancel your current insurance policy. You may cancel your policy for a number of reasons, including
- You think you’re paying too much
- You’ve updated requirements and need a new policy
- You’re moving to a new, uncovered location
- You don’t like your current provider
Be sure to include this information on your ACORD cancellation form. Not only is it important for the cancellation process, but it will also help your insurance provider understand your reasoning and adjust their future service accordingly, if necessary.
4) What information is required on an ACORD cancellation form?
The key information required on an ACORD cancellation form includes a number of policy and personal details that are vital to process your policy release request correctly. Your ACORD cancellation form should include the following:
- Date: Use the date on which you fill out the form.
- Insurance provider information: This includes your insurance provider’s company name, contact information, and National Association of Insurance Commissioners (NAIC) code.
- Policyholder information: You’ll need to provide information such as your company name, contact information, agency customer ID, and code.
- Policy information: This includes important details such as your policy number, policy type, policy cancellation date and time, policy term effective and expiration dates, policy release information, reason for cancellation, method of cancellation, request/release distribution (if notifying a third party), as well as your name and address.
- Signatures: You’ll need to sign the form, as will anyone else named as a policyholder.
Double-check the accuracy of the information you’ve provided on your ACORD cancellation form before submitting, as errors will only extend the processing time.
