What does Renewable Term mean? Read on to discover the definition & meaning of the term Renewable Term - to help you better understand the language used in insurance policies.
Term life insurance that may be renewed periodically without evidence of insurability but often at a higher premium.
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 Term. 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: