What type of renewal clause allows insurer cancellation based on specified conditions?

The correct answer is conditionally renewable because this type of renewal clause allows the insurer the right to cancel or not renew a policy based on certain specified conditions outlined in the policy. This means that as long as those conditions are met, the insurer cannot refuse renewal; however, if specific criteria are not met, the insurer retains the discretion to terminate the policy at renewal time.

For example, a policy may be conditionally renewable based on the insured's health status or claims history. This creates a framework where the continuation of coverage is contingent upon the policyholder adhering to certain stipulations, providing a balance between the insurer's risk management and the policyholder's need for coverage.

In contrast, an irrevocable clause would mean the policy cannot be changed or canceled under any conditions, which does not apply here. An optionally renewable clause allows the insurer to decide whether to renew the policy without specifying conditions, meaning they could cancel for various reasons that are not predetermined. A guaranteed renewable clause ensures that coverage must be renewed regardless of health changes, eliminating the possibility of cancellation based on specific conditions. Therefore, conditionally renewable is the most appropriate answer in this context.