What feature allows a renewable term policy to be extended?

The ability to extend a renewable term policy is grounded in the owner's election to renew the policy. This feature is crucial because it grants the policyholder the right to continue the coverage beyond the initial term without having to provide evidence of insurability at the time of renewal.

In most renewable term policies, the terms typically allow the renewal of coverage at the end of each term period, which can be beneficial for the policyholder, especially if their health has declined since the inception of the policy. The option to renew usually comes with adjusted premiums that reflect the insured's age at the time of renewal but does not require a new application or medical underwriting.

While evidence of insurability, fixed premiums for life, and mandatory medical exams may be relevant in various other insurance contexts or types of policies, they do not specifically pertain to the mechanics of renewing a renewable term policy. The core feature for extending coverage hinges on the owner's clear right to elect renewal, making this the accurate choice for the question.