Each insurance company may have their own terms of refund which may be outlined in the policy itself. For example, for car insurance, generally, the insurance company will refund he remaining car insurance premium amount according to the schedule of short periods set by the insurance authority. From 1-4 months from the validity of the policy, you get 70% back on the value of the premium; from 4-6 months, you get 50% back, and from 6-8 months, you get 30% back, and from 8 months and above you get no refund.