guaranteed renewable

Definition

An insurance policy in which the insurer is required to renew the policy for a specified amount of time regardless of changes to the health of the insured. The agreement requires that premiums are paid on time and that the insurer makes no changes except if a premium change is made for an entire class of policyholders. also called guaranteed insurability or conversion privilege or convertible term insurance.
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Guaranteed Mortgage Price Agreement (GMPA) guaranteed sale program