Iowa Code 519.8 – Cancellation of policy
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Terms Used In Iowa Code 519.8
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Any certificate of membership, or policy, issued by such a mutual insurance corporation may be canceled by the corporation by giving thirty days’ written notice thereof to the insured; or such cancellation may be upon demand of the insured; and such cancellation, when so made, either by the corporation or by the insured, shall be upon a pro rata basis, and the cancellation of such certificate or policy shall release the member from all other future obligations to such corporation.