guaranteed renewable policy

  • A health insurance policy that the insured has the right to continue in force by the timely payment of premiums that coincides approximately with the right reserved to the insurer to make changes in premium rates by class.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).