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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Yearly Renewable Group Term Insurance


Synonyms:annual term life insurance, group life insurance
Filed Under: insurance
Tags: insurance
 

Definition of yearly renewable group term insurance

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:

  • annual administrative fee   An annual (yearly) fee charged for the administration of a service.
  • group health insurance plan   Health insurance that covers a large group of people, often as part as a employee benefit package.
  • group home care   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   Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
  • insurance renewal   Extending the term length on an insurance policy.
  • renewable term   An insurance policy that is can be renewed without needing the policyholder to re-qualify for insurance coverage.
  • term   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.

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