Okuzeka
Insurance vocabulary · Policies & Contracts

Renewal

Meaning in insurance, with examples

/rɪˈnuːəl/nounCore term

In insurance, renewal means: The continuation of a policy for another period, usually a year, often with an updated premium and conditions.

In Turkish: yenileme, poliçe yenileme

How it is used

A busy time for every agency and insurer. Insurers send renewal notices or offers before the expiry date, and the renewal rate shows how many customers stay. Some policies renew automatically. The verb is 'renew'.

Example sentences

  1. Your renewal offer is 12 percent higher because of last year's claim.

  2. We start calling customers 30 days before renewal.

Common collocations

  • renewal date
  • renewal notice
  • renewal premium
  • renewal rate
  • automatic renewal
  • policyThe written contract between an insurance company and a customer that sets out what is covered, for how long, for how much and on what conditions.
  • lapseTo stop being valid because the premium was not paid or the policy was not renewed in time.
  • cancellationEnding an insurance policy before its expiry date, either by the customer or by the insurance company.
  • premiumThe amount of money a customer pays to an insurance company for a policy, usually once a year or in monthly instalments.
  • no-claims bonusA discount on the premium given to policyholders who have not made a claim, which usually grows with each claim-free year.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Policies & Contracts

Practise with graded reading

Reading at the right level is the fastest way to make new words stick. Pick free English books by level:

This page explains English vocabulary for learners. It is not financial advice.