Renewal Premium

Lapse
Lapse occurs in insurance when a policy becomes inactive due to non-payment of the renewal premium, impacting both property and casualty and life insurance sectors.
Renewal Notice
An invitation from an insurer to continue an insurance policy that is about to expire by paying the renewal premium. The renewal premium is shown on the notice; it may differ from the previous premium, either because insurance rates have changed or because the insured value has changed.

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