Guaranteed renewable definition

Guaranteed renewable means renewal may be declined by the insurer only for nonpayment of premium but rates may be revised on a class basis.

Guaranteed renewable means that the owner has the right to continue the policy in force by the timely payment of premiums set forth in the policy until at least the insured’s age 65, or as an alternative, until receipt of retirement benefits by the insured under the Social Security Act of the United States. During such period, the company shall not unilaterally make any change in any provision of the policy while the policy is in force, except that the company may make changes in premium rates by classes. This policy may also become Conditionally Renewable after the insured’s age 65 at the option of the company.

Guaranteed renewable means the insured has the right to continue a long-term-care insurance policy in force by the timely payment of premiums and the insurer has no unilateral right to make any change in any provision of the policy or rider while the insurance is in force, and cannot decline to renew, except that the insurer may revise rates on a class basis.

Examples of Guaranteed renewable in a sentence

• Guaranteed renewable means that this contract will renew each year on the anniversary date unless terminated earlier in accordance with contract terms.

• Guaranteed renewable (GR) insurance contracts guarantee that the terms of a policy will not be cancelled or modified, even if the policyholder develops a medical condition.

• Guaranteed renewable means that your plan will be renewed into the subsequent year’s approved product on the anniversary date unless terminated earlier in accordance with contract terms.

• Guaranteed renewable insurance contracts have the potential to mitigate reclassification risk with- out causing adverse selection on pre-existing conditions.

• NONCANCELLABLE TO AGE 65 AT GUARANTEED PREMIUM RATE THEREAFTER UNTIL AGE 75, RENEWABLE ON EACH POLICY ANNIVERSARY ON WHICH THE INSURED IS EMPLOYED AT LEAST 30 HOURS PER WEEK AFTER AGE 65, PREMIUM RATE IS BASED ON THE INSURED'S AGE ON EACH RENEWAL DATE [A Guaranteed renewable Noncancellable contract] This policy provides disability income benefits under stated conditions.

More Definitions of Guaranteed renewable

Guaranteed renewable means that the policyholder has the right to continue the policy in force by the timely payment of premiums set forth in the policy. During such period, the insurance company shall not unilaterally make any change in any provision of the policy while the policy is in force, unless required by law.

Guaranteed renewable means renewal cannot be declined by the insurance company for any reasons, but the insurance company can revise rates on a class basis.

Guaranteed renewable means that, during the renewal period (to a specified age) renewal cannot be declined nor coverage changed by the insurer for any reason other than nonpayment of premiums, fraud, or misrepresentation, but the insurer can revise rates on a class basis upon approval by the commissioner;

Guaranteed renewable means that renewal of a contract may not be declined by an insurer for any reason except for nonpayment of premium, but the insurer may revise rates on a class basis.

Guaranteed renewable means that renewal of a long-term care insurance policy cannot be declined by the issuer for any reason except nonpayment of premiums, but the issuer can revise rates on a class basis.

Guaranteed renewable means a medicare supplemental insur- ance policy or certificate which is renewable solely at the option of the insured by the timely payment of premiums, except that the insurer may make changes in premium rates by classes.

Guaranteed renewable means a medicare supple- mental insurance policy or certificate which is renewable solely at the option of the insured by the timely payment of premiums, except that the insurer may make changes in pre- mium rates by classes.