The premium for noncancelable and guaranteed renewable coverage for a disability income policy is higher,but the coverages are well worth the extra cost.

Question

Quizplus · Accepted Answer

Noncancelable and guaranteed renewable coverage ensures that the insurer cannot cancel the policy, increase premiums, or change policy benefits as long as premiums are paid, offering a higher level of security and predictability for the policyholder, justifying the higher premium cost.

The Premium for Noncancelable and Guaranteed Renewable Coverage for a Disability