Legal Definitions - anniversary date

The anniversary date in insurance refers to the specific calendar date each year that marks the renewal or continuation of an insurance policy, corresponding to the original date the policy was first issued. It signifies the start of a new policy year, regardless of when premium payments are actually made.

Here are some examples to illustrate this concept:

• Auto Insurance Renewal: Imagine David purchased his car insurance policy on April 20, 2022. Every year, April 20th will be his policy's anniversary date. On or around this date, his insurance company will typically send him a renewal notice, detailing his coverage for the upcoming year and any changes to his premium, even if his actual payment due date is set for a few weeks later.

• Life Insurance Policy Review: Sarah took out a whole life insurance policy on September 1, 2018. September 1st is the anniversary date for her policy. This date is crucial because certain policy features, such as the accumulation of cash value, eligibility for policy dividends, or the ability to make policy loans, are often calculated or reviewed annually based on this specific date.

• Business Property Insurance: A small bakery, "Sweet Treats Co.," obtained a commercial property insurance policy on July 15, 2023. July 15th is the anniversary date for Sweet Treats Co.'s policy. Each year on this date, the insurance company will reassess the policy terms, potentially adjusting premiums based on the bakery's updated property value or any changes in their business operations, and issue a new policy document or renewal offer.