The continuation, in full force and effect, of something that is about to expire. With an insurance policy it is made either by the issuance of a new policy or renewal receipt or certificate, to take effect upon the expiration of the old policy.
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(1) Insurance on the life or health of a key employee, the loss of whose services would cause an employer financial loss. The policy is owned by and payable to the employer. (2) In Health Insurance the term is also used to designate Salary Continuation Insurance or a medical benefit plan payable to the key employee himself, with the employer paying all or part of the premium.