Definitions for "Guaranteed Issue"
Requirement that health plans offer coverage to all businesses during some period each year.
In group insurance, this is the maximum amount of insurance that will be issued without the need to provide evidence of insurability. If the group is acceptable, the insurance company dispenses with individual underwriting (For example, a whole life policy may offer a guaranteed amount of $10,000 for applicants under age 35.) The guaranteed issue feature reduces policy issuing costs and premiums.
Insures provides insurance up to a specific amount for each individual employee without evidence of insurability.