What does Renewal Date mean? Read on to discover the definition & meaning of the term Renewal Date - to help you better understand the language used in insurance policies.
If an insurance policy is to remain in effect, it has to be renewed before its renewal date has passed. The renewal date is essentially a cut-off: if the contract is not renewed by the renewal date, it will expire and the insured will cease to have insurance coverage.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Renewal Date. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: