Policy Renewal
/ˈpɒl.ɪ.si rɪˈnjuː.əl/
Definitions
- (n.) The process by which an existing insurance policy is extended for an additional term under agreed conditions.
The policy renewal must be completed before the current coverage expires to avoid lapse.
Forms
- policy renewal
- policy renewals
Related terms
See also
Commentary
Policy renewal clauses are critical to clarify timing and terms for continuation to prevent unintended policy lapses.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.