What is the term for voluntarily terminating an insurance policy?

Voluntarily terminating an insurance policy is referred to as "cancellation." This term specifically indicates that the policyholder is choosing to end the insurance coverage before the policy's expiration date. Cancellation can happen for various reasons, such as the policyholder no longer needing the coverage, finding a better deal, or dissatisfaction with the service provided by the insurer.

In the context of insurance, cancellation is a standard process that can occur with the agreement of both parties (the insurer and the insured), and it typically involves notifying the insurer and settling any necessary paperwork. While other terms like discontinuation or elimination might imply some form of cessation, they do not specifically capture the voluntary nature of terminating an insurance policy as cancellation does. Estoppel also pertains to a legal principle that prevents someone from arguing something contrary to a prior position or act, which isn't applicable in the context of terminating an insurance policy.