Under which provision may a health insurance company choose not to renew the policy at expiration?

The provision that allows a health insurance company to choose not to renew a policy at expiration is "Optionally Renewable." This means that the insurer has the option—not the obligation—to renew the policy at the end of the term. This gives the insurer the flexibility to decide based on certain conditions or business considerations, such as changes in risk, claims experience, or company policy.

In contrast, the other options represent different concepts within health insurance. The "Grace Period" refers to the period after the premium due date during which the policy remains in force even if the payment is late. The "Waiver of Premium" typically applies in situations where the policyholder is unable to pay due to disability, allowing the policy to remain in effect without premium payments for a certain time. The "Free Look" provision allows policyholders a certain period after purchasing a policy to review it and cancel for a full refund if unsatisfied.

By understanding the "Optionally Renewable" provision, you can see how it gives insurers the right to assess whether they want to continue offering coverage, which is an essential part of managing risk in the health insurance industry.