Scheduling a cancellation versus cancel now

In the user interface, you have the option to select Bind Options > Schedule Cancellation or Cancel Now.

If you choose Schedule Cancellation, the cancellation is completed as of the cancellation effective date. The cancellation source, reason, and policy type determine the default cancellation effective date.

If you choose Cancel Now, PolicyCenter sets the cancellation completion date to the current date and issues the cancellation. Once the cancellation is issued, you cannot rescind it. If you want to undo the cancellation, you have to reinstate the policy. Although the cancellation is completed when the user selects Cancel Now, the cancellation does not go into effect until the cancellation effective date.

Until a cancellation is completed, it is considered an open cancellation.