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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You should try and take on a guaranteed renewable that should be a nice safe investment for your companies portfolio.

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Since the accident left him unable to work, he was glad to know he had a guaranteed renewable policy. New companies would not pick up his policy due to his preexisting condition.

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People often get peace of mind when choosing a policy that is guaranteed renewable, because they can rest assured they will be able to continue under the policy for the specified time period.

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Guaranteed Mortgage Price Agreement (GMPA) guaranteed sale program