Provision in an insurance policy that gives the insurance company the right to stop insuring the individual. If the insured is receiving benefits under the policy, he or she cannot be cut off in the midst of an illness or accident.
Tag: RAW
Renewable at Insurer’s Option
In health insurance a continuance provision that reserves to the insurer the right to refuse to renew the contract.
Renewable term (Life Insurance)
Refers to a term life policy that may be renewed without the insured having to provide evidence of insurability.
Renewable term insurance
Type of life insurance under which the insured has the right to continue the insurance for another term of the same length without submitting evidence of insurability. Premium rates increase at each renewal as the age of the insured increases.
***
UK: Term insurance that carries an option to renew for a further specified period of years without evidence of good health.
Renewal
MEDICAL,USA: Automatic continuance of an insurance policy for a specific time period by payment of the premium for a new policy term.
***
US: Continuance of coverage under a policy beyond its original term by the insurer’s acceptance of the premium for a new policy term.
***
UK: The continuance of a policy beyond its initial period. Most policies, permanent contracts excepted, are renewable by mutual consent and allow 15 days’ grace period except in marine insurance. See RENEWAL NOTICE.
***
UK: the continuation of cover beyond the original term of the policy (usually involving, in strictness, a new contract).
***
The continuation of in-force status that is caused by the payment of a premium.
***
The extension of the term of coverage of an expired policy, commonly by replacement with another policy effective on the date of expiration of the previous policy.
***
The reinstatement in force and effect of something that is about to expire. With an Insurance Policy it is made either by the Insurance of a new Policy or renewal receipt or certificate under the same conditions, to take effect upon the expiration of the old Policy.
Renewal Agreement
An undertaking by an insurer in a policy to renew the insurance upon the insured’s tender of the premium.
Renewal certificate
A very limited method of policy renewal by issuing a certificate rather than by issuing a new policy. The certificate refers to the original policy but does not enumerate all of its terms.
***
A document evidencing effecting of renewal of an original Policy to which it replaces.
Renewal commission
The commission paid based on commissions after the first year’s commission.
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.