Guaranteed Renewable Contract (life Or Health)
Definition of "Guaranteed renewable contract (life or health)"
Insurance policy renewable at the option of the insured for a specified number of years or to a stated age. The insurance company cannot refuse to renew the policy and cannot change any of its provisions except the premium rate. If die insurance company changes the premium, it must do so for the entire policyholder classification, not just for one or a few members.
Popular Insurance Terms
Decline in an estate's value, when the estate owner dies, because of death-related expenses to include estate taxes, estate administration costs, funeral expenses, and outstanding estate ...
Agency formed as the result of bank failures in the 1930s to insure the deposits of customers of member banks. The FDIC, an agency of the federal government, is self-supporting in that it ...
Type of guaranteed investment contract (GIC) under which a series of payments are made into an account (usually monthly to reflect the frequency of the employee's salary) of an insurance ...
Property insurance coverage available to businesses that pays the established market (sales) value of products that are damaged rather than simply their lower (production) cost. This fills ...
Wrongful inaction; failure to act; inactivity. ...
Reinsurance: total of the limits of liability of all reinsurance policies that a reinsurer has outstanding on a single risk. The total of all such limits includes all ceding contracts from ...
In marine insurance, clause giving an insured the right to abandon lost or damaged property and still claim full settlement from an insurer (subject to certain restrictions). Two types of ...
Section providing protection in four areas: Coverage A (Home) the structure of the home (basic contract amount). Other property coverages in Section I are expressed as a percentage of ...
fee that is the most consistently charged by the physician for a particular procedure. fee that is usual for a particular procedure charged by the majority of physicians with similar ...
Have a question or comment?
We're here to help.