Renewal provision describes the insured's right to cancel coverage.
<u>Explanation:</u>
Policy provisions are clauses included in insurance contract that sketches the exact conditions for what amounts along with stipulated restrictions and exclusions or for which coverage the insurance is provided.
An agreement in individual health policy that talks about the conditions based on which the insurer will not renew coverage but can increase the premium amount or cancel the coverage.
In other words, it is individual life insurance policy stipulation that allows the policy owner without going through evidence of insurability, to continue coverage at the end of the term.
Ex. If you check the weather and it says its supposed to rain in about 15 minutes, you would want a jacket or even an umbrella right? It would be smart to bring both of those items along with you.
