What does Renewal mean? Read on to discover the definition & meaning of the term Renewal - to help you better understand the language used in insurance policies.
Renewal, in the context of insurance, refers the continuation of coverage. The policyholder extends their contract with the insurance company to continue their current coverage for a specified period. The insurance company typically invites the policyholder to renew the policy near the end its term.
We hope the you have a better understanding of the meaning of Renewal.