Renewable Term

Definition

• A clause available in some insurance contracts that gives the insured to option to renew coverage for another term without requiring the insured to re-qualify for coverage.

Synonyms
renewable insurance term

Related Terms and Acronyms

• Guaranteed Renewable — Definition,
  • An insurance policy that gives the insured the option to renew the policy at the end of the its term, however the insurer has no restrictions on raising premiums.
• Insurance Renewal — Definition,
  • Extending the term length on an insurance policy.
• Pre-paid Insurance — Definition,
  • A insurance policy where insurance premiums are all paid in advance, normally offered in one year terms.
• Yearly Renewable Group Term Insurance — Definition,
  • A group insurance policy that is annually reviewed to keep premiums manageable.