Derivative financial instrument under which the payment of a sum of money gives a right, not an obligation, to buy or sell something at an agreed price on or before a specified date.
Insurance Encyclopedia
Option (Life Insurance)
The ways in which a policyholder can choose to receive dividends, death benefits, or nonforfeiture values.
Optional Benefits
See: “Elective Benefits.”
Optional modes of settlement (Life Insurance)
The ways in which a beneficiary can receive the pay out of a policy.
Optionally Renewable
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.
Optionally renewable (Health Insurance)
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.
Optionally-renewable policies
Health insurance policies which are renewable at the option of the company.