Insurance Lesson

Nonrenewal

A non-renewal is when a policy is involuntarily canceled at renewal. If an insurance company no longer wishes to insure a risk, it will notify the insured well in advance of the expected renewal so they may find alternative coverage. This can be for many reasons such as underwriting issues or carrier appetite.

Lesson Script

What This Video Covers

A non-renewal is when a policy is involuntarily canceled at renewal. If an insurance company no longer wishes to insure a risk, it will notify the insured well in advance of the expected renewal so they may find alternative coverage. This can be for many reasons such as underwriting issues or carrier appetite.
Keep Learning

Related Insurance Video Lessons

Insurance Terms to Know

Salvage

Salvage is damaged property retained or sold after a claim payment, or the remaining value of property after a loss.