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Health Insurance Glossary

Definitions for common health insurance terms

rescission

DEFINITION: Rescission is an insurance industry practice in which an insurer takes action retroactively to cancel a policy holder’s coverage by citing omissions or errors in the customer’s application, even if the policy holder has been diligently keeping their policy current. As of September 2010, rescission is no longer allowed except where fraud is proven. Related term: pre-existing conditions.