Yearly Renewable Group Term Insurance

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • annual term life insurance
  • group life insurance

Definition of Yearly Renewable Group Term Insurance

  1. 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.
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