Which of these actions does NOT constitute life insurance policy replacement?

Converting term coverage to a whole life policy does not constitute a replacement of a life insurance policy. This process is known as conversion, which typically occurs within the framework of the original policy. It allows a policyholder to switch from term insurance—providing coverage for a specified period—to a whole life insurance policy, which offers lifelong coverage and often includes a cash value component. Since the original policy remains in force and simply transitions to another form, it does not meet the criteria for replacement, which generally involves the purchase of a new policy that provides different coverage or policy terms, usually resulting in the cancellation of the existing coverage.

In contrast, replacing an insurance policy usually involves actions such as buying a new policy while canceling an existing one, transferring benefits between policies, or withdrawing cash value which can impact the original policy's status. These actions change the coverages in play and typically initiate a replacement in terms of insurance products.