Dictionary.net

the act of rescinding; (law) the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made; recission may be brought about by decree or by mutual consent

(law) the act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made; recission may be brought about by decree or by mutual consent

Cancelling insurance due to fraud or misrepresentation.