YOU ASK:
What is the definition of Noncancellable and Guaranteed Renewable Policy?
WE ANSWER:
Noncancellable and Guaranteed Renewable Policy refers to a health insurance policy in which the insurance company is obligated to renew the policy until the insured person reaches a prescribed age (65 years old, in most policies).
The insurance company is required to continue issuing the same health insurance cover to that individual. The only exception would be if the individual himself decides to cancel the coverage. In a noncancellable and guaranteed renewable policy, the insurance company is not also allowed to cancel the policy, change any of its provisions or increase the premiums during the renewal of the policy.
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