Renewal
Renewal in insurance refers to the process where an existing insurance policy is extended for another term, typically after the initial policy period expires. During renewal, policyholders have the option to continue their insurance coverage by agreeing to the terms and conditions set forth in the original policy or by making necessary adjustments. Insurance policies often have specified renewal terms, such as annual or semi-annual renewals, depending on the type of coverage and insurer policies.
Policyholders are usually notified in advance of the renewal date and may receive a renewal offer outlining any changes in premiums, coverage limits, or policy conditions. Renewal offers give policyholders an opportunity to review their insurance needs, assess any changes in circumstances that may affect coverage requirements, and make adjustments accordingly. They can choose to accept the renewal offer, negotiate changes with their insurer, or seek alternative coverage options if needed.