Guaranteed Renewable Contract (life Or Health)
Definition of "Guaranteed renewable contract (life or health)"
Insurance policy renewable at the option of the insured for a specified number of years or to a stated age. The insurance company cannot refuse to renew the policy and cannot change any of its provisions except the premium rate. If die insurance company changes the premium, it must do so for the entire policyholder classification, not just for one or a few members.
Popular Insurance Terms
Coverage against foreign country expropriation underwritten by the overseas private investment corporation (OPIC) for U.S.-owned companies investing in given developing countries. ...
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Insurance that follows an insured property. ...
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Same as term Canadian Institute of Actuaries: ...
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