A type of contract that cannot be canceled by the insurance company and is used for health and disability insurance.
A policy that cannot be cancelled by the insurer prior to a certain age. Premiums may be increased only by the amounts specified at the time the policy is issued. (Compare to guaranteed renewable)
A contract of disability income insurance in which the insured has a right to continue in force by payment of premiums, as set forth in the contract, for a substantial period of time, also as set forth in the contract. During that period of time, the insurer has no right to make any change in any provision of the contract. Note that this is in contrast to Guaranteed Renewable, in which the premium may be increased by classes. The premium for noncancellable policies must remain as stated in the policy at the time of issue.
An insurance policy that will continue for life or a certain age, without an increase in cost, assuming no lapse in premium payments.
A contract that the insured has the right to continue in force by the timely payments of premiums set forth in the contract (1) until at least age 50 or (2) in the case of a policy issued after age 44 for at least five years from its date of issue, during which period the insurer has no right to make unilaterally any change in any provision of the contract while the contract is in force.
A policy which cannot be cancelled or altered by the insurance company as long as the insured continues to pay premiums on time, and whose premium will not increase up through the insured's age 65. return
A policy term which signifies that the company cannot cancel coverage unless premiums are not paid.
A provision in some policies (crop-hail insurance and ocean marine insurance) that neither policyholder nor insurer may terminate the contract during its term.
A clause stating that the Insured has the right to continue a policy in force by the timely payments of premiums set forth in the contract for some extended period of time specified, during which period the insurer has no right to make unilaterally any change in any provision of the contract while the contract is in force.
A contract that the insured has the right to continue in force by the timely payments of premiums set forth in the contract. No changes are made by the insurer during this period of time.
