Renewal

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RENEWAL Continuation of a policy beyond its original term. Renewing an insurance policy is an important decision that should not be taken lightly. Policyholders should carefully consider their needs, compare options, and seek guidance from their insurance agent or broker to make an informed decision that protects their interests. The renewal process typically involves the following steps: 1-Notification from the insurance company: The insurance company will send a notice to the policyholder informing them that their policy is up for renewal. The notice will typically include information about the new premium, any changes to the policy terms and conditions, and the deadline for renewing the policy. 2-Review of policy terms and conditions: The policyholder should carefully review the renewal notice to ensure that they understand the new premium, any changes to the policy terms and conditions, and the deadline for renewing the policy. 3-Decision to renew or switch: The policyholder should decide whether to renew the policy with the same insurance company, switch to a different insurance company, or cancel the policy altogether. 4-Payment of renewal premium: If the policyholder decides to renew the policy, they must pay the renewal premium before the deadline. 5-Issuance of new policy: The insurance company will issue a new policy to the policyholder once the renewal premium has been paid. Factors to Consider When Renewing: -Premium: The policyholder should compare the renewal premium to the premiums offered by other insurance companies. -Policy terms and conditions: The policyholder should review the policy terms and conditions to ensure that they still meet their needs. -Claims experience: The policyholder should consider the insurance company's claims experience to assess its reputation for paying claims promptly and fairly. -Customer service: The policyholder should consider the insurance company's customer service to ensure that they can get prompt and helpful assistance if needed. There are several benefits to renewing an insurance policy: such as; continuity of coverage, established relationship, knowledge of policy. Renewing an insurance policy is an important decision that should not be taken lightly. Policyholders should carefully consider their needs, compare options, and seek guidance from their insurance agent or broker to make an informed decision that protects their interests. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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