A Lost Policy Release is used to cancel a policy. It is also called a “Cancellation/Lost Policy Release.” This form, which the insured signs, releases the insurance company from any further responsibility. If you change auto insurance companies, you will need to sign this form in order to cancel the policy with the same effective date as the new policy. By so doing, you will ensure you do not have a lapse or duplication of coverage. This form is used instead of a “Cancellation Request,” which does not require your signature, but does require that you redeem your original policy to ensure compensation when you cancel.