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
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Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
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Protection required under the Motor Carrier Act of 1935. The policy covers the motor truck carrier if it is legally liable for the damage, destruction, or other loss of the customer's ...
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