Final Answer:
Irving's policy, which allows coverage renewal to age 65 and beyond under specific circumstances, is known as Conditionally Renewable. the correct is Option 1: Conditionally Renewable.
Step-by-step explanation:
Coverage Renewable to Age 65 and Beyond:
Irving's policy indicates that the coverage can be renewed not only until age 65 but also beyond that age under certain conditions.
Conditionally Renewable:
The term "conditionally renewable" signifies that the policy can be renewed based on specific conditions outlined in the insurance contract. In this case, the renewal is contingent upon the presence of particular circumstances.
Irving's insurance policy offers the flexibility of renewal beyond age 65, subject to specific conditions. The term "conditionally renewable" precisely captures this feature, highlighting the dependency on particular circumstances for the policy's continuation. This implies that the renewal is not automatic but relies on the fulfillment of specified conditions.
Understanding insurance terminology is crucial, and in this context, "conditionally renewable" distinguishes Irving's policy from other types. It aligns with the scenario described, where renewal eligibility extends beyond the age of 65 contingent on meeting predefined criteria.
This distinction is essential for policyholders to comprehend the terms and conditions governing their coverage. It ensures clarity regarding the circumstances under which the policy remains renewable, contributing to informed decision-making in managing insurance coverage. the correct is Option 1: Conditionally Renewable.