Insurance Term
Replacement
The process of cancelling an existing policy to purchase a new one.
Detailed Explanation
Agents must follow strict rules during replacement to ensure the consumer is not harmed (e.g., losing cash value or restarting the contestability period).
Premium Study Material
Don't just memorize terms.
Master the exam.
Get access to 650+ exam-like questions, detailed explanations, and specific state law-supplements for your state.
Pass Guarantee
State-Specific Content
Unlimited Practice Tests
Instant Feedback
Practice QuestionEasy
Which of the following best describes the concept of Replacement?
Start Practicing →