Which of the following is an example of replacement?

Insurance

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Which of the following is an example of replacement?

Options

a) Canceling a term insurance policy to purchase a long-term care policy
b) Canceling a whole life policy to purchase a term policy
c) Canceling a term policy to purchase a disability policy
d) Canceling a major medical insurance policy to purchase a disability policy

Answer: b) Canceling a whole life policy to purchase a term policy

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