Final answer:
The kind of model described is a nonparametric model that stores training data for future reference and makes predictions based on the similarity to the stored data.
Step-by-step explanation:
The kind of model described in the question is a nonparametric model. Nonparametric models do not make specific assumptions about the functional form of the relationship between the input and output variables. Instead, they rely on the data to determine the relationship. In this case, the algorithm stores training data and makes predictions based on the input data's similarity to the stored data.