What does Renewable Option mean? Read on to discover the definition & meaning of the term Renewable Option - to help you better understand the language used in insurance policies.
An option that allows the policyowner to renew a term policy before its termination date without having to provide evidence of insurability.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Renewable Option. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: