The policy period is the duration for which the insurance policy is valid and provides coverage for the insured. The policy period is the insurance policy documents, and it can range from a few months to several years, depending on the type of insurance policy.
It's important that the policy period is different from the effective date and the expiration date of the policy. The effective date is the date on which the coverage under the policy starts, while the expiration date is the date on which the coverage ends.
In case the policyholder wishes to extend the coverage beyond the policy period then they need to renew the policy by paying the premium for the new policy period. It's essential to keep track of the policy period and the expiration date.
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