What is the term for suggesting that a policyholder rescind an existing policy to purchase another, typically for monetary gain?

The term for suggesting that a policyholder rescind an existing policy to purchase another, typically for monetary gain, is "twisting." This practice involves persuading a policyholder to replace their current insurance policy with a new one, often with misleading or deceptive information regarding the benefits and terms of the new policy in comparison to the old one. The intent behind twisting is usually to provide the agent or broker with a commission or financial incentive at the expense of the policyholder's best interests. This can lead to unnecessary costs and the potential loss of valuable benefits for the insured.

Understanding twisting is crucial as it highlights the importance of ethical practices in insurance sales and the need for policyholders to be vigilant when approached with suggestions to change their insurance coverage.