(215 ILCS 5/357.22) (from Ch. 73, par. 969.22)
Sec. 357.22.
"CANCELLATION:
The company may cancel this policy at any time
by written notice delivered to the insured, or mailed to his last address
as shown by the records of the company, stating when, not less than 30 days
thereafter, such cancellation shall be effective; and after the policy has
been continued beyond its original term the insured may cancel this policy
at any time by written notice delivered or mailed to the company, effective
upon receipt or on such later date as may be specified in such notice. In
the event of cancellation, the company will return promptly the unearned
portion of any premium paid. If the insured cancels, the earned premium
shall be computed by the use of the short-rate table last filed with the
state official having supervision of insurance in the state where the
insured resided when the policy was issued. If the company cancels, the
earned premium shall be computed pro-rata. Cancellation shall be without
prejudice to any claim originating prior to the effective date of
cancellation." (Notice to the policy holder of the cancellable nature of
his policy shall be set forth on the face of the policy.)
(Source: Laws 1967, p. 1735.)
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