What is a hotel room "cancellation policy"?

What is a hotel room "cancellation policy"?

Catharine Hamm (Travel Editor, LA Times) gives expert video advice on: How should I pick a hotel?; What are the most common types of rooms offered by hotels? and more...

Hotel cancellation policies vary widely, and sometimes wildly. In some cases, you can cancel up until 6 P.M. the day of your visit. In some cases, it's 24 or 48 hours. But you really need to check at the time you make your reservation, what those cancellation policies are. Otherwise you may end up paying for nights you don't stay there, or can't stay there.