Also found in: Acronyms.
A life and health insurance policy feature that enables the insured to add coverage at future times and at fixed and agreed-upon rates regardless of health conditions.
A provision in some life and health insurance contracts stating that the insurance contract will be renewed at the end of its term at a certain, stated premium without regard for the policyholder's health when the contract expires. One generally must pay extra for guaranteed insurability. It should not be confused with a guaranteed insurance contract. See also: Pre-Existing Condition.