An insurance policy in which the insurer is required to renew the policy for a specified amount of time regardless of changes to the health of the insured. The agreement requires that premiums are paid on time and that the insurer makes no changes except if a premium change is made for an entire class of policyholders. also called guaranteed insurability or conversion privilege or convertible term insurance.
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An insurance policy feature that obligates the insurer to continue coverage as long as premiums are paid on the policy. While re-insurability is guaranteed, ...
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Definition of guaranteed renewable: An insurance policy in which the insurer is required to renew the policy for a specified amount of time regardless of changes ...
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A noncancelable and guaranteed renewable contract is preferable to a guaranteed renewable only contract. However, because insurance companies do not ...
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There is a detailed description of Non-Cancellable and Guaranteed Renewable, Guaranteed Renewable, and Conditionally Renewable contracts.
- guaranteed renewable - Insurance Glossary
guaranteed renewable - A provision in a life or disability policy that requires the insurer to renew the policy on its anniversary.
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Idioms. Encyclopedia. Wikipedia encyclopedia ? Guaranteed Renewable Policy. Also found in: Acronyms, 0.02 sec. Guaranteed Renewable Policy Insurance ...
- guaranteed renewable insurance - The Free Dictionary
a. The act, business, or system of insuring. b. The state of being insured. c. A means of being insured. 2. a. Coverage by a contract binding a party to indemnify ...
- guaranteed renewable insurance legal definition of guaranteed ...
A contract whereby, for specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the ...