Definitions for "Renewal agreement"
A provision stating the conditions under which the insurance company will or will not renew a policy.
Some policies contain a provision that the insurance company agrees to renew the policy for an agreed number of times or to a specific age of the policyholder.
An agreement between the insurer an policyholder that the insurer agrees to renew the policy for a set number of times - usually at a lower rate than that at which it was originally written.