Final answer:
Renewal refers to the continuation of an insurance policy for an additional term upon expiration of the current policy period by paying a new premium.
Step-by-step explanation:
The term Renewal refers to continued coverage under the policy for an additional period of time upon expiration of the current policy period. This is common in various types of insurance policies, where the policyholder has the option to renew the policy before it expires to maintain continuous coverage. The process typically involves the payment of a new premium for the new policy period.
Renewal refers to continued coverage under the policy for an additional period of time upon expiration of the current policy period. When a policy is renewed, the terms and conditions may remain the same or be modified, depending on the agreement between the insurer and the insured.