BizTerm Definition
Guaranteed Renewable Contract
Full Definition

(1) A contract that the insured person or entity has the right to continue in force by the timely payment of premiums for a substantial period of time, during which period the insurer has no right to make unilaterally any change in any provision of the contract, while the contract is in force, other than a change in the premium rate for classes of policyholders. (2) A health policy which the company guarantees to renew for life or until the insured reaches a specified age, usually 65.


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