Florida Health Insurance Terms:
What is Guaranteed Renewable?":
An insurance policy provision that guarantees an insurance policy will continue in force provided the policy premiums are paid on time. An insurance company can typically only cancel a guaranteed renewable insurance policy for non-payment of premium.
It is also thought of as: 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.
More Guaranteed Renewable Info: Definition: Guaranteed Renewable
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