What is meant by "renewable at option of insurer"?

The phrase "renewable at option of insurer" specifically indicates that the renewal of the insurance policy is under the discretion of the insurer, meaning that the company can choose whether or not to offer renewal. This could be for various reasons, such as assessment of risk, changes in the underwriting guidelines, or other company policies.

In this context, it reflects a situation where the insurer evaluates the existing terms and decides if they will continue the policy for another term. This contrasts with options where the insured has rights or options voluntarily; instead, it signifies the authority and decision-making power rests with the insurer.

The other answer choices reference rights or guarantees for the insured, which do not align with the notion of the insurer having discretion over policy renewal. Understanding this distinction is crucial for grasping the dynamics of insurance policy terms.