The commission paid based on commissions after the first year’s commission.
Insurance Encyclopedia
Renewal commissions
Commissions paid to the insurance agent for a specific number of years after the first policy year and are only for those policies that remain in force.
Renewal date
Month, day, and year when an insurance policy must be reestablished for another time period. Insurance rates may possibly be increased. An option is to obtain other coverage or decrease insurance benefits.
Renewal Notice
A notice issued by an Insurer, usually 30 days in advance of the date of expiry of the Policy, remanding the Policyholder that his contract will shortly terminate.
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UK: Document issued by an insurer to invite renewal. In the case of Lloyd’s the renewal notice comes from the broker. A motor insurance renewal incorporates a temporary motor insurance certificate to ensure there is no gap in Road Traffic Act cover.
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UK: the notice sent to the policy holder to remind him/her that an insurance is due for renewal.
Renewal policy
An insurance policy issued to replace an expiring policy.
Renewal Premium
The premium payable for the renewal of an insurance.
Renewal premiums
Monthly, semiannual, or annual premium payment after the initial premium has been paid.
Renewal provision
Clause in an insurance policy that either gives the insured the right to continue insurance coverage or allows the insurance company to refuse to renew coverage, cancel coverage, or increase the premium.
Renewal rating
Insurance company’s evaluation of the premium and claim expense for a group plan to determine if a rate change needs to be made.
Renewal Receipt
A document issued in lieu of the Policy at renewal.