Insurance Renewal
Definition
- Extending an insurance policy at the end of, or partway through, the policy's term.
Synonyms
Insurance policy extension, extending an insurance policy, renewal, renewing an insurance policy
Related Terms and Acronyms
- Conversion Privilege — Definition,
- An option where an insurance company is required to update, renew or convert an insurance policy with level premiums at the end of the policy's term without a medical exam.
- Decreasing Term Life Insurance — Definition,
- A Term life insurance policy with benefits that decrease each year as the policyholder ages.
- Guaranteed Renewable — Definition,
- An insurance policy that gives the insured the option to renew the policy at the end of the its term, however the insurer has no restrictions on raising premiums.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Insurance Policy — Definition,
- A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
- Mortgage Renewal — Definition, Very Important,
- A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
- Pre-paid Insurance — Definition,
- A insurance policy where insurance premiums are all paid in advance, normally offered in one year terms.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Re-entry — Definition,
- The option to renew coverage at the end of a term, generally with level premiums.
- Renewable Term — Definition,
- An insurance policy that is can be renewed without needing the policyholder to re-qualify for insurance coverage.
- Term — Definition,
- The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
- Yearly Renewable Group Term Insurance — Definition,
- A group insurance policy that is annually reviewed to keep premiums manageable.
