What does the "Cancellation" provision in insurance policies address?

The "Cancellation" provision in insurance policies specifically addresses the circumstances and conditions under which the insurer or the insured can terminate the insurance contract. This provision outlines the rights and responsibilities of both parties regarding cancellation, including any notice requirements that must be fulfilled before terminating the policy. For instance, it may specify how much notice must be given to the other party, the reasons that can lead to cancellation, and the potential consequences of such termination. This is a critical aspect of an insurance policy, ensuring that both the insurer and the insured understand their rights related to ending the contract.

The other options do not accurately define the "Cancellation" provision. Adding coverage pertains to endorsements or riders, late premium penalties relate to payment terms, and duration of coverage deals with the policy period rather than its cancellation terms.