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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Individual Health Insurance Contractual Provisions

Individual health insurance policies contain numerous complex provisions. Some provisions deal with the right to continue or renew the policy. Other provisions are mandatory and must be included in all health insurance contracts, while other provisions are optional. The following section discusses only (1) renewal provisions and (2) mandatory or required provisions.

Renewal Provisions

A renewal provision refers to the length of time that an individual policy can remain in force. Renewal provisions include the following:

  • Guaranteed renewable

  • Noncancelable

  • Conditionally renewable

  • Nonrenewable

  • Guaranteed issue

Guaranteed Renewable

Most individual medical expense policies and long-term care policies ...

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