The question is raised by a recent Michigan case, in which the facts are apparently illustrative of a normal practice in modern business. The employer purchases a fidelity bond to indemnify him against loss arising from the financial misconduct of one of his employees. The premium pays for protection, for the year 1928, to the amount of $5,000. A year later payment of a premium of the same amount results in his receiving a "renewal" or "continuation certificate." 'What is the legal, and what the practical, effect of the renewal?