What is the term for a policy where the insurer can cancel mid-term?

A policy where the insurer can cancel mid-term is referred to as cancelable. This type of policy allows the insurer to terminate the coverage before the term expires, usually with proper notice to the insured. Cancelable policies often include certain conditions under which cancellation may occur, such as non-payment of premiums or changes in risk factors.

The term "non-cancellable" refers to a policy that cannot be canceled by the insurer as long as premiums are paid, offering more security to the policyholder. "Unilateral" describes contracts in insurance where only one party (the insurer) is bound to perform. "Guaranteed renewable" means that the insured has the right to renew the policy at the end of the term, but does not allow the insurer to cancel the policy mid-term at their discretion. Therefore, cancelable is the precise term for a policy that grants the insurer the option to cancel coverage before the end of the policy period.