Guaranteed Renewable means the individual policy must be continued in force by the insured through the timely payment of premiums, and the insurer has no unilateral right to make any change in any provision of the individual policy while the insurance is in force. The exception is that premium rates may be revised by the insurer on a class base. The insurer cannot decline to renew the individual policy as long as the insured makes timely payment of premiums. Also as long as the individual policy was delivered or issued for delivery in New York State, the insurer cannot change the premium rates on a class basis without the approval of the New York State Department of Financial Services.
Copyright © 1998-2018 New York State Partnership for Long-Term Care. All rights reserved.