Business and Personal Finance Dictionary

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• ANNUAL RENEWABLE TERM INSURANCE
  
  If your term life insurance is an annual renewable policy, you can renew your coverage each year without filling out a new application or passing a physical exam. However, the premium, or the amount you pay for the policy, isnt fixed, and goes up each time you renew. Policies with five- or ten-year terms may also be renewable, with comparable increases in their premiums.
  
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