Show
Recommended textbook solutions
Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions
Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Business Math17th EditionMary Hansen 3,734 solutions Recommended textbook solutions
Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions
Fundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions
Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions
What does conditionally renewable mean? Let Bankrate explain. What is conditionally renewable?Conditionally renewable is a provision in health insurance policies that gives the company the right not to renew the policy for reasons specified in the contract. Conditions vary by contract and the conditional renewal is often at the next premium payment period, that is, quarterly, annually, after second year or third year. Deeper definitionConditionally renewable policies benefit the insurer over the policyholder. The insurer creates and places conditions that allow the policy to be canceled or not renewed if the conditions are not met. Sometimes, the premium that the insured person pays may be increased if a condition is not met, but the insurer can decide to let the policyholder renew for another period. The conditions cannot be contingent on the insured’s health. Instead, most conditions specified in an insurance contract are related to the insured’s age or employment status. Most workplaces have insurance policies that cover disability and other labor concerns. Sometimes, if a new job is considered substantially riskier than the previous job, the policyholder may not be able to renew the disability policy because the risks are too high. That means the health insurance company has weighed the risks and decided that there is a greater likelihood of the policyholder making an injury claim because of the new work. Conditionally renewable policies are generally offered to those insured people who work in high-risk occupations. These types of policies are frequently found in group coverage situations. Conditionally renewable policies generally have noticeably lower premiums than insurance policies that are noncancelable or guaranteed renewable. This is because the insurer has a substantial amount of power to cut coverage if its claims’ losses reach a certain threshold. The lower premium is proportional to the coverage guarantees. Do you need a personal loan to pay for a medical procedure? Check out the rates at Bankrate.com. Conditionally renewable exampleDanny has a conditionally renewable health insurance policy. He used to be a truck driver, but changed jobs and became a window cleaner on high-rise buildings. When his insurance came up for renewal, the company canceled his policy because his job as a window cleaner is substantially riskier than that of a truck driver. Do you want a home equity line of credit to make home improvements? You’ll find great rates at Bankrate.com. More From Bankrate
What is a conditionally renewable?What is conditionally renewable? Conditionally renewable is a provision in health insurance policies that gives the company the right not to renew the policy for reasons specified in the contract.
What definition best describes guaranteed renewable?Guaranteed Renewable means that the insurer may not cancel your coverage unless you do not pay premiums on time. Your coverage may not be canceled because of your age or your health but the company retains the right to increase premiums if the CDI approves the increase.
Which of the following statements about a guaranteed renewable?Which of the following statements about a Guaranteed Renewable Health Insurance policy is CORRECT? A Guaranteed Renewable Health Insurance policy can have increasing premiums at time of renewal.
What is in the insuring clause?One is the insuring clause, in which the insurer agrees to pay on behalf of the insured all sums that the insured shall become legally obligated to pay as damages because of bodily injury, sickness or disease, wrongful death, or injury to another person's property.
|