Renewability Provision

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Renewability Provision Renewability provisions in health and disability insurance specify whether the policyholder or the company can terminate the policy, whether or not premiums or the cost of the policy will change, and whether the policyholder needs to provide updated medical information to the insurance company. This provision determines the terms of renewal. Common examples include conditionally renewable, guaranteed renewable and non-cancelable. The renewability provision in a cancelable policy allows the insurer to cancel or terminate the policy at any time, simply by providing written notification to the insured and refunding any advance premium that has been paid. The renewability feature allows the coverage to be renewed for another period or another term without the insured having to provide proof of insurability, meaning that even those who have become uninsurable are guaranteed the right to renew the policy. Renewability Provision is different from conditionally renewable provision which an insurance policy allows an insurance company to cancel immediately, not renew at the renewal date, or increase premiums on a policyholder under certain conditions. This provision benefits the insurer, not the policyholder. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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