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Renewable And Convertible Term Life Insurance R C

Renewable and Convertible Term Life Insurance (R&C)

Definition

A form of term life insurance that is usually issued for a period of 1 or 5 years that can be renewed for additional terms or can be converted to a permanent or cash value policy. R&C is usually used for individuals with short-term, high-value life insurance needs, such as to cover a short-term business loan, where the lender requires the coverage.

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