Explain, in your words, the following renewal provisions that may appear in individual health insurance policies: Guaranteed renewable Noncancelable Conditionally renewable Nonrenewable Guaranteed issue
A Guaranteed renewable policy is one wherein the insurer is obligated to renew the policy and cannot deny the renewal for any reasons whatsoever.
A Noncancelable policy is one wherein the insurer cannot cancel the policy issued under any circumstances or any reason.
The conditionally renewable policy is one which would be renewed only under certain circumstances and can be denied renewal if certain conditions are not met.
Nonrenewable guaranteed issue - A guaranteed issue policy is one wherein the policy would be issued irrespective of the health status but it will not be renewed on its expiry.
Get Answers For Free
Most questions answered within 1 hours.