CANADIAN INSURANCE TERM
Renewal
The continuation or replacement of an insurance policy for a new policy term after the current term ends, usually with updated premium and policy information.
Plain-language definition. A real policy, endorsement and provincial law can use more specific wording than a glossary summary.
TermRenewal
ContextCanadian insurance
Source typeIndustry glossary
Policy wordingControls claim
What does Renewal mean?
The continuation or replacement of an insurance policy for a new policy term after the current term ends, usually with updated premium and policy information.
A renewal is a useful point to compare price, deductibles, limits, endorsements and changes in the insured risk rather than looking only at the new premium.
Renewal in practice
If an annual policy expires in October, the insurer may issue renewal terms showing the premium and coverage for the next annual period.