What is insurance, renewal, retention?

Question

Accepted Answer

Insurance is a contract between an individual and an insurance company to protect against financial loss. Renewal is the process of extending the contract. Retention is the ability to keep customers from switching to another company.

Insurance is a means of protection against financial loss.
Renewal is the process of extending the contract between the individual and the insurance company.
Retention is the ability to keep customers from switching to another company.
Insurance can cover various types of risks such as health, property, and liability.
Renewal can involve updating the terms of the contract and adjusting the premium.
Retention can be achieved through good customer service, competitive pricing, and personalized offers.

What is insurance, renewal, retention?

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