Which term describes an insurance policy that can be canceled by either the insurer or the insured?

The term that describes an insurance policy that can be canceled by either the insurer or the insured is "voidable." A voidable policy indicates that although the contract is valid and enforceable, one party has the right to cancel the contract under certain conditions. This flexibility allows for circumstances where either the insurer may rescind the policy due to misrepresentation or non-payment, and the insured may choose to cancel for various personal reasons or dissatisfaction.

In contrast, a null and void contract signifies that it is invalid from the outset and has no legal effect; it cannot be enforced by either party. Non-renewable refers to a policy that expires at the end of its term without guarantee for renewal, which does not apply to cancellations during the policy’s effective period. A contingent policy involves specific conditions that must be met for the policy to be effective, rather than addressing the ability to cancel. Thus, "voidable" is the accurate term relating to mutual cancellation rights within the context of insurance contracts.