- An option sometimes provided to policyholders at the end of their term where they are offered another period of coverage, generally with level premiums and new evidence of insurability.
renewing insurance, insurance re-entry
Related Terms and Acronyms
- Conversion Privilege — Definition,
- An option where an insurance company is required to update, renew or convert an insurance policy with level premiums at the end of the policy's term without a medical exam.
- Convertible Life Insurance — Definition,
- A type of term life insurance policy that has the option to be converted into a permanent life insurance policy such as whole or universal life insurance.
- Fixed Premium — Definition,
- Insurance or annuity premiums that stay level for a specific period of time.
- Insurance Renewal — Definition,
- Extending the term length on an insurance policy.
- Level-Premium Insurance — Definition,
- Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
- Pre-paid Insurance — Definition,
- A insurance policy where insurance premiums are all paid in advance, normally offered in one year terms.
- Without Evidence of Insurability — Definition,
- Applying for insurance coverage without the insurer requiring the individual to take a medical examination.