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Contract Expiry Date

The contract expiry date is the final date on which an insurance policy or agreement remains in effect unless it is renewed or extended. It marks the end of the policy’s coverage period and defines when the insurer’s obligation to pay benefits or accept claims under the existing terms stops. After this date, the policyholder must renew the contract, convert it to a new plan, or allow it to lapse if coverage is no longer needed.

In health and dental insurance, the contract expiry date may apply to individual policies that are renewed annually or to group benefit plans that are reviewed by employers at the end of each contract term. For life and disability insurance, it can represent the maturity date of the policy or the point at which premium payments and benefits cease. This date helps both the policyholder and the insurer track when coverage must be reviewed, updated, or renegotiated.

Example:

If your annual multi-trip travel insurance policy began on June 1, 2024, with a one-year term, the contract expiry date would be May 31, 2025. You must renew the plan before that date to ensure continuous coverage.

What to Watch For:

Review your renewal notice well before the expiry date to confirm updated premiums, benefits, and terms. Missing a renewal deadline can result in a lapse of coverage, which may require reapplication or medical underwriting to reinstate. Some plans renew automatically, while others require active confirmation from the policyholder.

Related Terms

Calendar Year

The calendar year defines a benefit period that runs from January 1 to December 31. Many annual maximums, deductibles, and claim resets follow this schedule. It provides a consistent framework across most insurers and simplifies tax reporting for medical expenses.

Certificate of Insurance

A certificate of insurance is an official document issued by an insurance company that summarizes the key details of your coverage. It serves as proof that you are insured and outlines the essential terms of your policy, including the type of coverage, effective dates, benefit limits, exclusions, and any dependents or beneficiaries listed under the plan.

Claim

A claim is a formal request you or your healthcare provider submit to your insurance company to receive reimbursement or direct payment for eligible medical or dental expenses covered under your plan. Submitting a claim provides the insurer with the necessary information - such as receipts, treatment details, and provider information - to verify the service and determine the amount payable according to your policy’s terms.

Claim Submission Deadline

The claim submission deadline is the final date by which an insured person must submit a claim to their insurance company for reimbursement of eligible expenses. After this date, the insurer is not obligated to pay the claim, even if the expense itself would have been covered. This deadline ensures timely processing, accurate recordkeeping, and proper financial reporting for both the insurer and the policyholder.

Claimant

A claimant is the person who submits a request for reimbursement or payment under an insurance policy. In health and dental insurance, the claimant is usually the insured individual who received the service, such as a medical treatment, prescription, or dental procedure. However, a claimant can also be a parent, spouse, or legal guardian submitting a claim on behalf of a covered dependent.

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