All of the following actions constitute a policy replacement EXCEPT:

A) surrendering an existing permanent life policy for its cash value so it can be used to purchase another life policy.

B) changing dividend options from paid-up additions to cash payment on an existing whole life policy.

C) electing an extended term nonforfeiture option on an existing permanent life policy.

D) electing a reduced paid-up nonforfeiture option on an existing whole life policy.

Answer: B) changing dividend options from paid-up additions to cash payment on an existing whole life policy.

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In an insurance contract, the applicant's "consideration" is the
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How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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