Ohio Insurance Laws and Regulations Practice Exam

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Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is defined as exchanging an existing life policy for a new policy?

Life insurance adjustment
Life insurance alignment
Life insurance replacement
Life insurance renewal

The correct answer is: Life insurance replacement

When an individual exchanges their existing life insurance policy for a new one, it is called a life insurance replacement. This term specifically refers to the act of cancelling an old policy and purchasing a new one with potentially different terms and benefits. This is different from a policy adjustment, which would involve making changes to an existing policy without replacing it entirely. Choosing options A, B, or D would be incorrect as they do not accurately describe the act of exchanging one life insurance policy for another.