A form of life insurance which allows changes on the policy face amount, the amount of premium, period of protection, and the length of the premium payment period. See also Flexible Premium Adjustable Life Insurance Policy.
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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.