renewal of policy

renewal of policy
The continuance of insurance in force by the payment of a new premium, sometimes under a provision for renewal contained in the contract of insurance. A renewal of insurance by the payment of a new premium and the issuance of a receipt therefor, where there is no provision in the policy for its renewal, is a new contract on the same terms as the old, but where the renewal is in pursuance of a provision to that effect, it is not a new contract but an extension of the old. 29 Am J Rev ed Ins § 357. See renewable insurance.

Ballentine's law dictionary. . 1998.

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