What does retention mean in insurance?

The term “ retention refers to the length of time that an insurance company allows an account to accrue before it needs to pay the policyholder. Generally, the longer an account is kept, the more likely the policyholder is to renew the policy.

What does retention mean in insurance quotes?

retention means that the insurer will continue to pay your policy limit after you pay your premium up to a certain date. For example, your policy might require that you maintain $500,000 in coverage after you pay your premium for five years. This means that if you pay your premium for five years, as long as you maintain $500,000 worth of coverage you will continue to be covered for the entire length of the policy. If you stop paying your premium, your coverage will lapse and you

What does retention mean in health insurance?

In the context of health insurance, the term retention refers to the length of time that you are covered under your policy. Once you have coverage, it’s important to keep the coverage active so that it remains in effect. If you lapse or terminate your policy, however, there may be a time gap, during which you are not covered.

What does retention mean in motorcycle insurance?

There are a few different ways to measure your motorcycle insurance policies’ profitability. One of the most common metrics used by insurers is “retention.” Retention is the amount of premium in your account at the end of each policy period that you have not yet spent.

What does retention mean in long term disability insurance?

While the definition of term in life insurance or permanent insurance may not be the same as in disability, the goal is usually the same: pay your beneficiaries an income if you pass away. Like life insurance, long term disability insurance is a policy purchased through your employer or a private insurance company, which provides income if you are unable to work due to a long-term disability.