What type of policy requires the insured to submit evidence of insurability for renewal?

A policy that requires the insured to submit evidence of insurability for renewal is typically classified as an optionally renewable policy. This type of policy gives the insurer the right to decide whether or not to renew it at the end of the renewal period, contingent on the insured’s current health status or other underwriting criteria.

In contrast, other types of policies offer different levels of renewal guarantees. A guaranteed renewable policy mandates that the insurer must renew the policy regardless of health changes, although the premium may increase. A conditionally renewable policy allows renewal only under certain conditions but does not always require updated evidence of insurability. A noncancellable policy guarantees that coverage will remain in force and premiums cannot increase, regardless of changes in the insured’s health.

This distinction highlights the features of an optionally renewable policy, specifically the requirement for evidence of insurability as a condition for renewal, which is not a requirement for the other policy types mentioned.