If it does the continuous boil, it falls in the category of "old-style". This type of cooker should be more versatile in that you have the option of steaming a dish on top of the rice as it cooks. The huge amount of steam is normal for this style of cooker.

In reference to another post, most rice cooker inserts cannot be used stovetop because the amount of heat would warp the metal and destroy any non-stick finish. To make risotto-style rice, the other ingredients need to be prepared in a separate pan and then added to the insert.