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Premium on renewal of policy

Friday, December 21, 2007
Posted by insurance terms

When you want to renew your policy, the insurance company might take one of the following decisions:
• renew the policy with a level premium;
• renew the policy with an increased premium; or
• decline to renew the policy.
The insurance company is required to provide you with the reason for its decision on a change in the premium level or why a policy is not renewed.

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