What is the Definition of Noncancellable And Guaranteed Renewable Policy?
What is the Definition of Noncancellable And Guaranteed Renewable Policy?
An individual health insurance policy, which stipulates that, until the insured reaches a specified age (usually age 65), the insurer will not cancel the coverage, increase the premiums, or change the policy provisions as long as the premiums are paid when due. Also known as noncancellable policy. Contrast with 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 Noncancellable And Guaranteed Renewable Policy?
You can find random definition and meaning of insurance terms below:
What is the meaning of Renewal Date
The date that your insurance policy expires and the date that your renewed policy will begin.
What is the meaning of Rental Reimbursement
Optional coverage that helps pay rental vehicle costs when your insured vehicle is disabled as the result of a covered accident or loss. Available to most policyholders for an additional premium. In Virginia, the term Rental Reimbursement is known as "Transportation Expense."
What is the meaning of Renters Insurance
Property Insurance providing coverage to an individual living in an apartment, condominium or single family home owned by someone else.
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