The term maturity is one of those words that you will have heard many times and that has its importance in the Sure.. The maturity is the day on which the insurance is fulfilled and that, therefore, the Policy stop being in force, stop having effect and if you have a No.You won't have it. coverage.
Enclosure in insurance
Most of the insurance (cars, motorcycles, vans, health, Home, pets, crane and road assistance ) has an annual duration. That is, from the start of insurance to the end of 365 days (except in leap years, which would be one more).
The day of maturity in an annual insurance is that day 365. If, for example, you hire a policy that comes into force on 1 June, your expiry date will be 31 May.
In other insurance schemes such as circuit accidents, you have a one-day policy. If you hire the policy to enter into force on 1 June and has a daily duration, the same day will be the expiry date.
Why the expiry date is important
The expiry date is important because unless you renew the policy or it is automatically renewed, on the expiry date the policy shall cease to be in force. So, the next day, if you suffer a sinister you will no longer be covered.
Furthermore, it is also important because it is the date that insurers take into account in calculating time limits. For example, if you do not want to automatically renew the policy of a motor insurance, you must inform the insurance of your decision at least one month before the expiry date.
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