Renewals is the system initiated process that renews an active policy and collects payment for that renewed policy. Trov supports both confirmed renewals and auto-renewals. Confirmed renewals require policyholder confirmation before the request for payment is initiated, while auto-renewals do not require policyholder action and renew automatically based on the active policy at time of renewal.
The renewal process is based on the effective date of the initial policy and the renewal period (i.e., monthly, annual, etc.) is configurable based on the terms of the policy.