Yearly Renewable Group Term Insurance
Definition
- A group term insurance policy that is reviewed year to year. To keep premiums manageable, an employer will review their group term insurance yearly.
Synonyms
group life insurance, annual term life insurance
Related Terms and Acronyms
- Annual Administrative Fee — Definition,
- 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.
- Group Life Insurance — Definition,
- Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
- 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.
- Term — Definition,
- 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.
