Optionally Renewable Contract


Definition of "Optionally renewable contract"

Health insurance contract that is renewable at the option of the insurer. On the anniversary date of the contract, the insurer has the right to decide whether or not to renew.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Asset Depreciation Risk

One of four types of risks affecting the life insurance company as identified by the society of actu ...

Location Analysis

The appraisal of a general geographic area for a particular use. For example, an industry may choose ...

Household Inventory

List and description of valuables, to be utilized in the event an insurance claim must be filed. Inc ...

Realty

Same as term real estate: Also called real property. Anything permanently affixed to the land, such ...

Recasting

revising the terms of a loan such as when the borrower is experiencing severe financial difficultie ...

Nontraditional Reinsurance

Types of reinsurance instruments under which the amount of risk transferred is more limited than und ...

Related Real Estate FAQ

What Happens When A Property Starts To Depreciate?

When a property depreciates it declines in the value of the property due to poor location, dilapidat ...

What Is Joint Tenancy?

A joint tenancy is an equal, undivided ownership in a property by two or more individuals. ...

What Is A Sales Contract?

A sales contract is the contract you draw up when you want to make an offer on a home. ...

What Is A Debt-to-income Ratio?

A debt-to-income ratio is the percentage of a persons monthly earnings used to pay off all debt obli ...

What Is An Assumable Mortgage?

A type of purchase in which the buyer assumes the responsibility of making payments on a sellers hom ...

What Is A Buydown?

A type of financing in which a developer or seller arranges for the buyer to get a loan at a rate be ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Top Five Reasons Your Home Offer was Rejected Should you Buy a Home with Cash? Tax Breaks for the First Time Home Buyer 7 Tips for a First Time Homebuyer 5 U.S. Cities with the Best Public Transportation

FAQ

Is depreciation common? What is a counteroffer? What is a foreclosure? What is comprehensive homeowners insurance? Do I need Earthquake Insurance?