Which term describes a policyholder's right to renew their insurance policy?

The term that accurately describes a policyholder's right to renew their insurance policy is "guaranteed renewal." This concept ensures that the policyholder has the ability to renew their insurance coverage at the end of the policy term without facing rejection from the insurer, provided they continue to pay their premiums. Guaranteed renewal offers stability and peace of mind, as it protects the policyholder from potential changes in insurability or increased premiums that may occur if they were to seek new coverage separately.

In contrast, continuous coverage refers to maintaining an uninterrupted insurance policy but does not specifically relate to the right to renew. Policy lifetime may imply the duration of coverage but does not expressly address renewal rights. Automatic renewal often refers to policies that automatically renew at the end of a term, but this does not necessarily guarantee renewal under the same terms or coverage, as it might depend on the insurer's discretion or policy conditions. Therefore, "guaranteed renewal" is the most precise term related to the policyholder's right to keep their insurance policy active.