Irma, Lincoln County, Wisconsin: Browse Thousands of Acres of Land for Sale in Irma, Lincoln County, Wisconsin.
Wiktionary (0.00 / 0 votes) Rate this definition: rescind (Verb). To repeal, annul, or declare void; to take (something such as a rule or contract) out of effect. The agency will rescind the policy because many people are dissatisfied with it. Origin: From the rescindo, from re- + scindo.
This means the policyholder should get back any premiums they paid to the insurance company. By contrast, when a policy is canceled, the only money refunded is that for the remaining portion of the term. Rescission is normally done by the insurance company, and involves: 1  Giving notice of the rescission to the insured.