permanent policy
A renewable policy that is effective for a specified period and is terminable by either the insurer or the insured after giving express notice.
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convertible insurance
Insurance that can be changed to another form without further evidence of insurability, usu. referring to a term-life-insurance policy that can be changed to permanent insurance without a medical examination. [Cases: Insurance 1908–1911.]
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standing committee
A committee that is established for ongoing business, that continues to exist from session to session, and that is usu. charged with considering business of a certain recurring kind. • A legislature will ordinarily establish a standing committee concerned with a specific field of legislation. A legislative standing committee usu. considers basic questions of legislative
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