Which provision allows an insured or the insurer to terminate the policy?

The cancelable provision is the correct answer because it explicitly allows either the insured or the insurer to terminate the policy, typically under specified conditions. This means that while the policy is in effect, either party can choose to end the coverage, adhering to the parameters outlined in the contract. This flexibility can be important for both parties, ensuring that if circumstances change, such as an insured no longer needing coverage or an insurer deciding to discontinue a policy, termination can be facilitated.

In contrast, other provisions like the non-cancelable provision secure the policyholder's rights by ensuring that the insurer cannot cancel the policy under any circumstances as long as premiums are paid. The renewable provision typically pertains to the ability to renew the policy at the end of its term, rather than terminating it. Therefore, the cancelable provision uniquely specifies the ability to terminate, making it the clear choice in this context.