kevin has an individual disability income policy that his insurer agrees to keep in force until age 60. however, the company has the right to increase the premium each year for the underwriting class in which kevin has been placed. which renewal provision is found in kevin's policy?

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25-10-2022
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kevin has an individual disability income policy that his insurer agrees to keep in force until age 60. however, the company has the right to increase the premium each year for the underwriting class in which kevin has been placed. which renewal provision is found in kevin's policy?

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-10-28T02:20:37-04:00

Since, the company has the right to increase the premium each year for the underwriting class where Kevin has been placed, the renewal provision found in Kevin's policy is guaranteed renewal policy.

A guaranteed renewable policy is one that ensures that an employer will be required to maintain coverage so long as the policy's premiums have been paid. Although re-insurability is guaranteed, premiums may rise significantly to the filing of a claim, severe injury, or even other circumstances which may raise the probability of the further claims.

The majority of insurance companies provide both non-cancellable and guaranteed renewable policies. The non-cancellable insurance is a better deal for the consumer if rates for a guaranteed and a non-cancellable policy are equivalent since it offers the dual assurance of re-insurance as well as secured premiums.

Learn more about guaranteed renewable policy here:

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