End DeclareCaptionFormat and revert to default caption settings

I found out that you define your own caption style via:

DeclareCaptionFormat{<formatname>}{<code for format>}

and then use this format for a particular float environment as:

captionsetup[<float_environment>]{singlelinecheck=off, labelsep=colon,format=<formatname>}

Here labelsep is set as 'colon', which can also be altered to 'space' etc.

This caption formatting can be used in the following manner for the given problem

DeclareCaptionFormat{algor}{%
  hrulefillparoffinterlineskipvskip1pt%
  textbf{#1#2}#3offinterlineskiphrulefill}
DeclareCaptionStyle{algori}{singlelinecheck=off,format=algor,labelsep=space}
captionsetup[algorithm]{style=algori}

DeclareCaptionFormat{figur}{%
  begin{center}
  textbf{#1#2}#3
  end{center}}
captionsetup[figure]{singlelinecheck=off,format=figur,labelsep=colon}