Guaranteed renewable policy insurance(redirected from Guaranteed Renewable Contract)
Guaranteed renewable policy insurance
Guaranteed Renewable Policy Insurance
A health insurance policy that the insurer is required to renew provided the policyholder pays premiums in a timely manner. Additionally, guaranteed renewable policies may only raise their premiums if premiums are raised on a whole class of policyholders; that is, insurers may not raise premiums on individual policyholders arbitrarily.