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guaranteed renewable insurance policy

guaranteed renewable insurance policy definition - finance

An insurance policy that is guaranteed to be available for renewal for the time period that is specified in the policy. Changes in the health of the insured canÂ’t prevent the policy from being renewed, as long as premiums are paid on time. The only change the insurance company is allowed to make is the premium, as long as it is changed for all policyholders. Also called guaranteed insurability.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
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