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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
The guaranteed standard issue market includes both non-can policies and some guaranteed renewable policies.
(''Think of your children!'') Remember that term life can last as long as you want, via guaranteed renewable policies.
Get quotes for non-cancellable and guaranteed renewable policies. The cost will be a function of your health, your age, the monthly income you will need, and the waiting period (60, 90, 120 days, etc.).
Insurers can't raise individual rates, however; they have to increase the premium on an entire class of guaranteed renewable policies at once.
And in guaranteed renewable new sales, UnumProvident's premium of new sales fell 38% from the previous year to $10.6 million, and it ranked second to State Farm, which sold $18.1 million in new premiums for guaranteed renewable policies in 2003, according to the survey results provided by UnumProvident.
New sales premium of guaranteed renewable policies dropped slightly (-1.8%) in 2001.

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