An Optionally Renewable Policy is a contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due date, but does not have the right to terminate coverage between such dates.
1 cancelable 2 optionally renewable 3 conditionally renable 4 gauranteed renewable
If a policy is guaranteed renewable, the policy can be renewed by the insured regardless of health.
No. It pays the face amount of the policy at the end of the period to you.
Washington Journal - 1995 Renewable Energy Politics and Policy was released on: USA: 9 November 2013
You renew annually (once a year)
Gabriela Elizondo Azuela has written: 'Design and performance of policy instruments to promote the development of renewable energy' -- subject(s): Renewable energy sources, Energy development, Energy policy
It implies that it is not a single or one-time premium policy and you are pay annualized premium for the renewal of the term policy.
Renewable term or ART (Annual Renewable Term) - premium increases every year as you get older. A level term policy however has level premiums for the length of the term. Also, you can also get a Return Of Premium level term, and get your money back at the end of the term if you outlive your policy. Other option is to convert your term policy into a permanent type policy, like whole life or universal life. An experienced agent can help with this.
Renewable means as long as you pay the premiums you will always have the policy. Convertible means you can convert your policy to perm without further evidence of insurability. This should be under Life Insurance questions.
It implies that it is not a single or one-time premium policy and you are pay annualized premium for the renewal of the term policy.
Conditionally renewable policy grants the insurer a limited right to refuse to renew a health insurance coverage at the end of a premium payment period.