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Wondering what Alaska Cancellation is executed? Alaska cancellation policy states that in the event that you drop your Alaska trip within 24 hours from the booking of your flight, then, you will not have to pay any amount as your cancellation fee and also your full amount will be refunded. 24 hours is the risk free period, after that it becomes obligatory to pay for cancellation and you may or may not get any refund depending on the ticket type.