Renewal Premium

Renewal Premium,

What Does Renewal Premium Mean?

When the policy is extended, there is a premium on the renewal premium policy. When the insured pays the insurer with the intention of retaining the benefits of the insurance contract after the termination of the coverage or change of the terms of the insurance contract, such as: renewal time.

Literal Meanings of Renewal Premium

Renewal:

Meanings of Renewal:
  1. Instruction to resume activity or condition after intervention.

Sentences of Renewal
  1. Resumption of hostilities

Synonyms of Renewal

recommencement, resumption

Premium:

Meanings of Premium:
  1. Amount paid for the insurance policy.

Sentences of Premium
  1. Consumers are reluctant to pay more for organic fruits

Synonyms of Premium

extra, extra charge, remuneration, insurance charge, additional fee, insurance payment, bonus, recompense, surcharge, regular payment, perk, instalment, percentage, reward, prize, additional payment, extra amount