What is optionally renewable?
The Bankrate.com financial term of the day is: "optionally renewable."
Optionally renewable is a term that refers to health insurance, and it means that your health plan can't drop you whenever it feels like it. Instead, the insurer may cancel you only at specific times, such as on your policy's anniversary date, or when your next premium is due.
If you have optionally renewable health insurance, you can't lose your coverage at the insurance company's whim. There are restrictions on when you can be canceled.
To get an insurance quote, visit the Insurance section at Bankrate.com.