What involves extending or renewing an existing insurance policy?

The correct answer is insurance policy renewal, which refers to the process of extending or continuing an existing insurance policy for a new term after the previous term has expired. This can involve revisiting the terms of coverage and premium amounts to make adjustments based on changes in risk or market conditions. Renewal is a common practice in insurance as it allows for ongoing coverage and provides policyholders with the assurance that their insurance needs are still addressed without needing to initiate a new policy from scratch.

Policy termination signifies the ending of an insurance contract, which is opposite to renewal. Policy initiation pertains to starting a new insurance policy, not extending an existing one. An endorsement addition involves adding specific coverage to an existing policy but does not itself extend the life of the contract. Thus, the focus of the question on extending or renewing an insurance policy aligns perfectly with the concept of insurance policy renewal.