A new life policy is being purchased, and the producer knows that an existing contract through a different insurer will be lapsed. This is an example of replacement.
What is replacement?
- Replacement means to replace a card in the file at its previous location or policy .
- Common synonyms for replacement include replace, displace, and supersede.
- All of these words mean "to put away or put in place from their usual or suitable place", but to replace means something that is lost, ruined, or no longer usable, or It means to fill the place occupied by something that is no longer suitable. I replaced a broken window.
- These can be further subdivided into the following types: (i) Determining the useful economic life of a policy . (ii) replace existing assets with new assets;
- A simple probabilistic model for a fully failing policy (a spare due to sudden failure).
- Someone is doing the work for someone else, or you are using something in place of something else: The policy has sent a replacement for the dismissed secretary.
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