noncancellable policy: A policy that can be maintained through timely payment of the premiums until the policyholder is at least age 50 or, in the case of a policy issued after age 44, for at least five years from the date of issue. The insurer may not unilaterally change any provision of the in-force policy, including premium rates.
Read more to view related video clips to this insurance terminology.
[tubepress mode=’tag’ tagValue=’Noncancellable Policy insurance’]