Which of the following actions is not considered a replacement of a life insurance policy?

The action of converting term coverage to a whole life policy is not considered a replacement of a life insurance policy because this conversion is often part of the original contract agreement of the term policy. Insurers typically include a conversion privilege that allows policyholders to change their term policy into a whole life policy without providing evidence of insurability, thereby maintaining continuous coverage under the same insurer. This process does not involve obtaining a new policy or terminating the existing one for a different one, as it is a feature designed to offer ongoing protection while adapting to the needs of the policyholder.

In contrast, changing one whole life policy for another, switching from a universal life policy to a whole life policy, and transferring a policy to a new insurer all involve replacing an existing policy. These actions entail terminating or surrendering current coverage to obtain a new policy, which may involve new underwriting, potential lapses in coverage, and changes in policy benefits or terms. Thus, they are classified as replacements under insurance regulations.