What is the automatic continuance of insurance coverage referred to as?

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Study for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Exam. Familiarize yourself with key concepts through engaging questions and explanations. Prepare effectively for your exam!

Multiple Choice

What is the automatic continuance of insurance coverage referred to as?

Explanation:
Automatic continuance of insurance coverage is renewal. Renewal means the policy is continued for a new term after the current one ends, often automatically unless either party acts to cancel or not renew. Extensions are only temporary prolongations, a lapse ends coverage due to expiration or nonpayment, and cancellation terminates the policy before its term ends. So the automatic continuation described is renewal.

Automatic continuance of insurance coverage is renewal. Renewal means the policy is continued for a new term after the current one ends, often automatically unless either party acts to cancel or not renew. Extensions are only temporary prolongations, a lapse ends coverage due to expiration or nonpayment, and cancellation terminates the policy before its term ends. So the automatic continuation described is renewal.

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