A health insurance policy that allows an insurer to change the policyowner's premiums, but NOT cancel the policy is called a(n)...

A health insurance policy that allows an insurer to change the policyowner's premiums, but does not have the authority to cancel the policy is indeed classified as a guaranteed renewable policy. This type of policy ensures that the insurer must renew the coverage at the end of each term, regardless of the policyholder's health status or claims history. However, it does allow the insurer to adjust premiums based on the collective risk of the insured group or changes in overall insurance costs, provided that such adjustments are applied uniformly across all similar policies within the group.

Understanding this type of policy is crucial because it offers the policyholder a level of security, knowing that they cannot lose their coverage as long as they continue to pay the premiums. This makes it an appealing option for individuals seeking long-term health coverage. Other types of policies mentioned in the options, such as non-cancelable policies, provide even stronger guarantees to the policyholder in terms of premium stability but do not allow for changes in premiums at all.