An act of removing, taking away, or taking back. (noun)
The undoing of a contract; repeal. (noun)
Examples of word rescission
The $113 million rescission from the FY'09 Commercial Crew and Cargo budget, based on my review, would appear to still leave enough funds to cover milestone payments for both Orbital and SpaceX.
That has absolutely nothing to do with whether or not rescission is permitted under fraudulent pretenses on the part of the insurer.
In fact, that change -- an end to the practice of "rescission" -- would happen right away.
PatrickM, please be so kind as to explain rescission and why it is currently legal for insurance companies to drop people’s coverage after they become ill.
Major insurers said this week that they will soon end the practice known as rescission, which involves going back and scrutinizing the applications of people who develop costly illnesses and dropping their coverage based on even minor or innocent misstatements.