Which provision allows the policyholder to renew their coverage without evidence of insurability?

The correct answer is the Renewable Provision. This provision is a feature in a life insurance policy that grants the policyholder the right to renew their coverage at the end of the policy term without needing to provide evidence of insurability. This means that the insurer cannot refuse to renew the policy based on the policyholder's health status or any changes that may have occurred since the original application. This provision is particularly beneficial for individuals who may develop health issues that could hinder their ability to obtain insurance in the future.

In contrast, other provisions such as the Convertible Provision allow policyholders to switch from a term policy to a permanent policy, but this typically requires some form of underwriting or evidence of insurability at the time of conversion. The Term Provision simply refers to the specific type of insurance coverage that lasts for a set period and does not inherently imply renewability without evidence of insurability. The Permanent Provision pertains to life insurance policies that provide coverage for the life of the insured and often include a savings component, but it is not specifically focused on renewal processes.