Yearly Renewable Group Term Insurance
Is a company: no
Is a proper noun: no
- annual term life insurance
- group life insurance
Definition of Yearly Renewable Group Term Insurance
- A group term insurance policy that is reviewed year to year. To keep premiums manageable, an employer will review their group term insurance yearly.
Related Terms and Acronyms
- Group Life Insurance — Definition,
- Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
- Term — Bank,
- The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
- Annual Administrative Fee — Bank,
- An annual (yearly) fee charged for the administration of a service.
- Group Health Insurance Plan — Definition,
- Health insurance that covers a large group of people, often as part as a employee benefit package.
- Group Home Care — Definition,
- An arrangement where a group of people with disabilities receive both custodial and medical care in a single residence instead of in their own homes, which can be prohibitively expensive.
- Insurance Renewal — Definition,
- Extending the term length on an insurance policy.
- Renewable Term — Definition,
- An insurance policy that is can be renewed without needing the policyholder to re-qualify for insurance coverage.