What type of renewability guarantees premium rates and renewability?

The type of renewability that guarantees both premium rates and renewability is known as "Noncancellable." This provision ensures that the insurer cannot cancel the policy or raise the premiums for any reason, as long as the policyholder continues to pay their premiums on time. This feature provides significant security and peace of mind to the policyholder, knowing that their coverage will remain in force regardless of changes in their health or other circumstances.

In contrast, other types of renewability, such as "Guaranteed renewable," allow for the policy to remain in force as long as premiums are paid, but they may allow the insurer to raise premiums on a class basis, not necessarily keeping the rates stable for the individual policyholder. Similarly, "Conditionally renewable" policies can be renewed under specific conditions laid out by the insurer, and "Renewable at insurer's option" gives the insurer the discretion to decide whether to renew the policy, resulting in less security for the policyholder. Therefore, "Noncancellable" stands out as the best choice for guaranteeing both premium rates and renewability.