Questions about RC cancel for any reason insurance

[smores]

My daughter is currently listed as #2 passenger out of 4 on our cruise. She is graduating from college and if she gets a job may not be able to cruise with us. If we have the insurance will we get a voucher for 75% of the passenger #2 fee. Or would she be bumped to passenger #3 so the voucher would be much less. If she does cancel would there be a fee to put someone in her spot (basically changing the name for passenger #2) instead of paying for the insurance and taking a voucher for her spot.