What is the term for a review of an insurance policy to ensure it meets current needs?

The term that best describes a review of an insurance policy to ensure it meets current needs is commonly referred to as a policy review. This process involves examining the terms and coverage of an existing policy to assess whether it aligns with the insured's current circumstances, such as changes in personal or business situations, new regulations, or shifts in market conditions.

A policy review typically includes analyzing coverage limits, deductibles, specific coverages, and overall policy exclusions. Conducting a thorough policy review helps policyholders identify gaps in coverage or unnecessary elements, ensuring that the insurance remains relevant and provides adequate protection.

The other terms may suggest similar concepts but tend to have specific connotations. For instance, a policy audit often refers to a more formal analysis that may focus on compliance and may not necessarily address the personal or situational needs of the policyholder. A policy update typically implies making changes to the existing policy rather than just assessing it. A policy evaluation could suggest a broader assessment, potentially including value or performance analysis rather than focusing specifically on the appropriateness of coverage for current needs.