Definitions for "Guaranteed Renewable Contract"
A provision in an insurance policy that gives the insured the right to continue the policy in force by the timely payment of premiums for a substantial period of time, during which period the insurer is prohibited from making unilaterally any change in any provision of the contract, while the contract is in force, other than a change in the premium rate for classes of policyholders.
A contract that the insured person or entity has the right to continue in force by the timely payment of premiums for a substantial period of time, during which period the insurer has no right to make unilaterally any change in any provision of the contract, while the contract is in force, other than a change in the premium rate for classes of policyholders.
A health insurance contract that gives the policyowner the right to continue coverage by the timely payment of premiums for a substantial period of time, during which period the insurer has no right to make any change in any provision of the contract other than a change in premium rate for classes of insureds. Also referred to as guaranteed continuable.