Final answer:
The accident and health renewability provision that allows the insurer to renew the contract for certain specified reasons indicated in the policy is called the guaranteed renewability provision.
Step-by-step explanation:
The accident and health renewability provision that allows the insurer to renew the contract for certain specified reasons indicated in the policy is called the guaranteed renewability provision.
This provision ensures that the insurance company cannot cancel or refuse to renew the policy as long as the insured pays the premiums and does not engage in any fraudulent activities.
For example, if a person develops a medical condition while being insured, the insurance company cannot terminate their policy or increase the premiums based on that condition. This provision provides security and peace of mind to the insured, knowing that their coverage will be renewed as long as they comply with the policy requirements.