Ohio Insurance Laws and Regulations Practice Exam

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An example of replacement is:

Buying additional coverage on an existing policy
Canceling a term life policy to buy a whole life policy
Renewing a term policy
Switching beneficiaries

The correct answer is: Canceling a term life policy to buy a whole life policy

One reason why the other options may be incorrect is that they are not considered replacements. A and C involve adding or renewing coverage to an existing policy, rather than completely replacing it. D does not involve replacing a policy at all, but simply changing the designated beneficiary. Option B is the only example that involves replacing an existing policy with a different one.