A requirement imposed in the contract of insurance by the Insurer, and which must be literally complied with unless it is waived by the Insurer.
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Guaranteed Renewable
A contract that the insured has the right to continue in force by the timely payment of premiums, for a substantial period of time as set forth in the contract. During that period of time, the insurer has no right to make any change in any provision of the contract other than a change in the premium rate for all insureds in the same class. Contrast with Non-cancellable, from which Guaranteed Renewable should be distinguished.