insurance which can, at the election of the policy owner, be renewed at the end of a specified term without evidence of insurability.
Generally used in connection with a type of term assurance, which runs for an initial period of years. At expiry the policyholder has the option to 'renew' the policy, at premium rates current at the time, but without need for further underwriting.
This means that every time the policy term runs out, the policy can be renewed without having to pass another physical exam or experience underwriting. p 154