Florida Health Insurance Terms:
What is Guaranteed Insurability?":
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 renewable or conversion privilege or convertible term insurance.
It is also thought of as: 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.
More On Guaranteed Insurability: Guaranteed Insurability Continued
Back to Resources |
Florida Health Insurance Homepage