Final answer:
A Renewable Term Policy gives the insured option (c) the option to renew the coverage term without needing to show evidence of insurability. It offers a way to continue insurance coverage under the agreed-upon terms, which may include new premiums.
Step-by-step explanation:
A Renewable Term Policy is an insurance policy that provides the insured with the option to extend the coverage term for a set period without the need to provide evidence of insurability. In regards to who has the option to renew the policy, it is typically the C. Insured.
This means that the person holding the insurance coverage has the discretion to renew their policy upon its expiration under the agreed terms and conditions, which may include adjusted premiums.
It is important to note that while the term "renewable" suggests an ongoing, sustained ability to keep the insurance active, the actual renewal terms might change with premium costs. The option to renew helps the insured avoid the risk of becoming uninsurable or facing drastically higher rates due to changes in health or other factors.