Guaranteed Renewable

Definition

• A provision available in some insurance policies that gives the policyholder the option to renew coverage at the policy's anniversary date. The insurance company cannot cancel coverage, but it does reserve the right to raise rates.

Synonyms
guaranteed coverage, renewable insurance policy

Related Terms and Acronyms

• Conversion Privilege — Definition,
  • An option where an insurance company is required to update, renew or convert an insurance policy with level premiums at the end of the policy's term without a medical exam.
• Future Purchase Option — Definition,
  • A provision that gives the policyholder the option to purchase additional insurance coverage at a future date.
• Insurance Policy — Definition,
  • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
• Insurance Renewal — Definition,
  • Extending the term length on an insurance policy.
• Renewable Term — Definition,
  • An insurance policy that is can be renewed without needing the policyholder to re-qualify for insurance coverage.