Final answer:
The type of policy that allows the insurer to cancel at a specified date and to raise premiums is called a conditionally renewable policy. Hence, the answer is C. Conditionally renewable.
Step-by-step explanation:
The policy that allows the insurer to cancel the policy at a date specified in the contract, and to raise premiums, is known as a conditionally renewable policy. This means the insurer reserves the right to not renew or to cancel the policy, as well as modify premiums and benefits under certain conditions stated in the contract.
On the other hand, a guaranteed renewable policy must be renewed by the insurer as long as premiums are paid, but they can increase premiums for entire classes of insureds. A non-cancelable policy means the insurer cannot cancel the policy, increase premiums, or reduce benefits. Lastly, an optionally renewable policy gives the insurer the option to renew or not based on factors unrelated to health status. Therefore, the answer to the student's question is C. Conditionally renewable.