Ohio Insurance Laws and Regulations Practice Exam

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'Replacement' is defined as the act of replacing an existing insurance policy with another. This process is known as?

Annulment
Reinstatement
Replacement
Surrender

The correct answer is: Replacement

Replacement is defined as the act of replacing an existing insurance policy with another. In this context, it means that the current insurance policy is being replaced with a new one. Options A, B, and D do not accurately describe this action. Annulment refers to the cancellation of a policy, reinstatement refers to restoring a cancelled policy, and surrender refers to voluntarily giving up a policy before it expires. Therefore, these options are not correct in this context. The process of replacing an insurance policy is specifically referred to as "replacement."