What term describes the practice of persuading clients to replace existing life assurance policies primarily for the adviser’s benefit?

The term that describes the practice of persuading clients to replace existing life assurance policies primarily for the adviser’s benefit is "Churning." This practice typically involves an adviser recommending that a client discontinue a current policy and purchase a new one, primarily to generate commissions and fees rather than to provide any real benefit to the client.

Churning can be detrimental to clients, as it may lead to unnecessary costs and loss of benefits from existing policies. This practice raises ethical concerns and can undermine the trust between clients and financial advisers. It is important for financial advisers to act in their clients' best interests, ensuring that any recommendations are based on the clients' needs and circumstances rather than solely on potential financial gain for the adviser.

In contrast, other options like Loading refers to the additional costs that are built into the premiums, Aggregation pertains to combining multiple financial products or services, and Persistency refers to the client’s retention of their policies over time. These concepts do not convey the ethical implications of misleading clients for the adviser’s financial benefit, making "Churning" the appropriate term.