Guaranteed Renewable Contract Life Or Health

Definition of "Guaranteed renewable contract (life or health)"

Geri Gray
Geri Gray PalmerHouse Properties

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.

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