Policy Renewal (Insurance & Financial Protection) - Definition, Examples, Advice | Bolder Money

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Definition

The process of continuing your insurance coverage after the policy period ends. Renewals often come with updated terms and sometimes adjusted premiums.

What to consider

Understand the terms of automatic renewal.
Know the notice period for cancellation.
Review any changes in terms at renewal.

Real world scenarios

A contract includes a renewal clause that automatically extends coverage unless canceled.
An insurance policy states a renewal clause detailing how and when the policy can be renewed.
A business contract features a renewal clause to maintain continuous coverage over time.

Related terms

Insurance & Financial Protection

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