A term used in pension or retirement plans. With immediate vesting an employee’s right to benefits begin as soon as he enters the plan. See also Vesting.
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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.