What is the Definition of Guaranteed Renewable Policy?

What is the Definition of Guaranteed Renewable Policy?

An individual health insurance policy that requires the insurer to renew the policy—as long as premium payments are made—at least until the insured attains a specified age. The insurer can change premium rates for broad classes of insureds but not for an individual insured. Contrast with Noncancellable and Guaranteed renewable policy.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Guaranteed Renewable Policy?

What is the Definition of Guaranteed Renewable Policy?

You can find random definition and meaning of insurance terms below:


Meaning of Manual in Insurance Terms

A book published by an insurance or bonding company or a rating association or bureau that gives rates, classifications and underwriting rules.


Meaning of Maturity Date in Insurance Terms

(1) For endowment in insurance, the date on which an insurer will pay the face amount of an endowment policy to the policy owner if the insured is still living. (2) In investing, the date on which a bond issuer must repay to the bondholder the amount originally borrowed. (3) For an annuity, the date on which the insurer begins to make annuity payments. Also known as income date.


Meaning of Mccarran-Ferguson Act in Insurance Terms

Federal law signed in 1945 in which Congress declared that states would continue to regulate the insurance business. Grants insurers a limited exemption from federal antitrust  legislation.


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