Renewability provisions

Question 1

The company cannot non-renew or raise premium. This is the best option for the in- sured, but also the most expensive.
a. cancelable
b. non cancelable
c. conditionally renewable
d. Guaranteed renewable

Answer 1

b. Noncancelable:

Question 2

The company may not non-renew but may increase premium.

a. cancelable
b. non cancelable
c.optionally renewable
d. Guaranteed renewable

Answer 2

d. Guaranteed renewable

Question 3

The company may not cancel during policy. but may non-renew under certain stated conditions

a. non cancelable
b. conditionally renewable
c. guaranteed renewable
d. cancelable

Answer 3

b. conditionally renewable

Question 4

The company may not cancel during policy, but may non-renew.

a. Optionally renewable
b. conditionally renewable
c. guaranteed renewable
d. cancelable

Answer 4

a. Optionally renewable

Question 5

There are no restrictions on when the company may cancel the policy, other then those described in policy.

a.Cancelable
b. Non - cancelable
c. Optionally renewable
d. Guarenteed renewable

Answer 5

a. cancelable