- Extending an insurance policy at the end of, or partway through, the policy's term.
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.