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
Transportation firm that must carry any customer's goods if the customer is willing to pay. Common carriers include trucking companies, bus lines, and airlines. ...
A newer generation of life insurance policies that are credited with interest currently being earned by insurance companies on these policies. ...
List of the values of specific medical procedures in comparison with other medical procedures. ...
Individual who possesses a unique ability essential to the continued success of a business firm. For example, this individual might have the technical knowledge necessary for research and ...
Premium applied in workers compensation insurance and in life insurance. In the latter, it is the portion of a premium that is loaded to reflect an insured's expectation of loss, ...
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Instrument that uses noncombustible substances such as carbon dioxide to deprive a fire of oxygen, thereby extinguishing it. ...
Coverage under a commercial workers compensation policy for situations in which an employee not covered under workers compensation laws could sue for injuries suffered under common law ...
Legal instrument that authorizes a person to make medical decisions for another person should that person become permanently or temporarily incapable of making those decisions. This power ...
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