An agreement by the insured to renew a policy on the original terms for a given term of years, e.g. three, in return for a premium discount. LTAS are separate contracts and if the insurer offers amended cover, the insured can avoid renewals. LTAs are most common in commercial insurance.
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A mutual agreement whereby in return for agreeing to continue the Insurance for a fixed number of years, the insured is allowed a discount on each annual premium. The Insurer normally retains the right to vary the terms of Insurance during the period but period but is exercised the insured may cancel the agreement without forfeiture of earlier discounts.