A guaranteed issue insurance policy has no:

A guaranteed issue insurance policy is designed to provide coverage without requiring any medical underwriting. This means that applicants cannot be denied coverage based on their health status, age, or pre-existing conditions. The purpose of such a policy is to ensure that everyone has access to insurance, particularly those who may have health issues that could prevent them from qualifying for traditional insurance policies requiring medical evaluations.

Medical underwriting typically involves assessing an applicant's health history and conditions to determine their eligibility for coverage and to calculate premiums. In the case of guaranteed issue policies, this process is completely bypassed, which is what distinguishes them from other types of insurance policies. As a result, anyone applying for this type of insurance is guaranteed to receive benefits, irrespective of their medical background.

The other options, although relevant to insurance policies, do not accurately describe the essence of a guaranteed issue policy in the same way that the absence of medical underwriting does. Age limits, coverage limitations, and exclusions can still exist within the framework of guaranteed issue policies, as there can be age limitations on who can apply, specific conditions that might limit coverage, and certain scenarios that may not be covered at all. However, the defining characteristic of a guaranteed issue policy is the lack of medical underwriting.