Policy Period

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Policy Period The policy period is the time frame during which an insurance policy is active and provides coverage to the policyholder. It is the period between the policy's start date and end date. Most insurance providers offer policies with a policy period of one or more years. Since this can vary from insurer to insurer, make sure you check the policy documents or confirm the same with the insurance provider. The policy period is an important concept to understand, as it determines the timeframe in which insurance coverage is active and defines the terms and conditions of the policy. For example, if you have health insurance with a policy period of one year, the policy will lapse after one year unless you renew it within the grace period. Some may also offer month-to-month policies. Most insurance companies offer six-month and year or longer insurance policies. Policy periods are also important in determining your payment due date. It's always a good idea to know your policy period dates so you will know when your payment is due. They also let you know when to start shopping for a cheaper rate if you plan on switching at the end of the period. Tip. Your policy period will be listed on most of your papers, but you can also ask your agent what it is if you are not sure. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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