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
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Plan to control employer's health care cost through the introduction of practice guidelines or protocols for health care providers, and to improve the methods used by employers and ...
Total amount of insurance on an insurer's books at a particular time. ...
Provision for coverage for buildings and personal property within the simplified commercial lines portfolio policy (sclp). The buildings and personal property coverage may be classified in ...
Same as term Flat Rate: rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
Agreement by the insurance company to keep the universal life insurance policy in force, even if the cash value becomes zero or less than zero, provided that a specified minimum ...
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Fee paid to an agent as compensation for his or her collecting premiums for debit insurance (home service insurance, industrial insurance). ...
Coverage by at least two insurance policies providing the same coverage for the same risk. ...
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