The insurer can change the premium for all insureds in a class, but cannot refuse to renew the policy or cancel it. What type of policy does this describe?

A guaranteed renewable policy allows the insurer to change premiums for all insureds within a specific class while ensuring that the policy itself cannot be canceled or refused for renewal as long as premiums are paid. This characteristic provides a level of security for policyholders since they have a guarantee that their coverage will continue, regardless of health changes or other risk factors, as long as they continue to pay the premium.

This policy type is beneficial for clients because it offers them the assurance they will always have access to their insurance coverage, even as they age or if they develop health issues. However, it's important to understand that while the insurer can adjust premiums for the class, it must do so uniformly and not target individual policyholders.

In contrast to other types of policies, like cancelable or optionally renewable, which offer less security in terms of renewal and can allow for cancellations or varying renewal conditions, the guaranteed renewable policy provides a strong commitment from the insurer to maintain coverage. Non-cancelable policies, while they also cannot be canceled, do not allow for premium increases. Thus, the nuance lies in the premium adjustments permissible in guaranteed renewable policies, making this the correct classification for the described scenario.