What type of renewability guarantees both premium rates and renewability of the policy?

The type of policy that guarantees both premium rates and the renewability of the policy is known as guaranteed renewable. When a policy is guaranteed renewable, it means that the insurer is obligated to renew the policy at the end of each term as long as the policyholder continues to pay the required premiums. Additionally, the insurer cannot cancel the policy, ensuring that the coverage remains in force regardless of changes in the insured's health status.

Moreover, guaranteed renewable policies also specify that premium rates can only be adjusted by the insurer for an entire class of policyholders, not just for individual policyholders. This protects the insured from rate increases based solely on their personal risk or health changes, adding a layer of financial assurance and stability.

While other types of renewability also provide certain renewal options, they do not offer the same level of assurance regarding premium rates or guarantee renewability without conditions related to the policyholder's situation or health.