Guaranteed renewable policy insurance

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Guaranteed renewable policy insurance

A type of insurance policy that requires the insurer to renew the policy to an individual regardless of health changes. No changes may be made to an individual policyholder unless the same change is applied to all policyholders.

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.
References in periodicals archive ?
Remember that term life can last as long as you want, via guaranteed renewable policies.
Get quotes for non-cancellable and guaranteed renewable policies.
1 million in new premiums for guaranteed renewable policies in 2003, according to the survey results provided by UnumProvident.
Insurers can't raise individual rates, however; they have to increase the premium on an entire class of guaranteed renewable policies at once.
New sales premium of guaranteed renewable policies dropped slightly (-1.
However, Fitch views the potential non-renewal of the Florida policies as an indication of CSH's willingness to change the terms of its guaranteed renewable policies, which are contracted to be renewable at the option of the policy holder alone.

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