The ACORD Cancellation Request/Policy Release Form is completed when an insurance policy is lost or destroyed. It includes sections for the customer name and address, insurance company name and address, policy number, effective date of cancellation, and space for signatures of the insured and witnesses. The insurance agent or broker also signs the form and there is a space for the insurance company to record the method for any refund.
When a customer completes and signs ACORD Form 35 - Cancellation, he agrees not to make any claims under the canceled policy against the insurance company for losses that occur after the effective date. The company agrees to make any needed premium adjustments according to the terms of the policy.
ACORD, or the Association for Cooperative Operations Research and Development, is a non-profit standards organization for the insurance industry, according to its website. It creates data standards and automated workflows as well as a series of standard forms that insurance agencies and companies use. The forms are designed to comply with federal and state insurance regulations. ACORD licenses the forms to various solution providers, insurance carriers and agencies, and many of them make copies of the forms available on their websites.