The ways in which a beneficiary can receive the pay out of a policy.

A contract of health insurance in which the insurer reserves the right to terminate the coverage at any anniversary or, in some cases, at any premium due-date, but does not have the right to terminate coverage between such dates.

A contract the insurer reserves the ability to terminate at the policy’s anniversary or the premium due date, but not at any point in between.

Health insurance policies which are renewable at the option of the company.