Health · Chapter 18 · Renewability
Optionally Renewable Policy
Definition
Renewal is at the company's option: the insurer may terminate any individual contract at its renewal date (with notice) or continue it — and may raise premiums. No guarantee of continuance beyond the current term.
Exam tip
Conditionally renewable needs a stated condition; optionally renewable needs no reason at all — but only at renewal, unlike cancelable (any time).
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms