Jun 16 2022, 12:11 PM
QUOTE(mini orchard @ Jun 16 2022, 10:54 AM)
Sadly, many here dont understand what is the meaning of 'RENEWAL' contract.
A renewal contract has to be renewed b4 expiry date for its continuation. Once expired, the contract is considered lapsed. Any 'purchase / renewal' after expiry is consider NEW and additional conditions can be imposed at the discretion of the other party.
Life Insurance, Tennancy, etc.
Is there such a thing as renewal contract? I only know of contract renewal, i.e., you renew the contract. A renewal contract has to be renewed b4 expiry date for its continuation. Once expired, the contract is considered lapsed. Any 'purchase / renewal' after expiry is consider NEW and additional conditions can be imposed at the discretion of the other party.
Life Insurance, Tennancy, etc.
In any case, a contract renewal in the case of car insurance doesn't guarantee continuation as the T&C can change - insured amount, additional loading...
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