How to resolve the deprecation of the AWSElasticBeanstalkService Policy in Amazon Web Services (AWS)

The Problem

If you’ve recently received an email from Amazon Web Services informing you that you’re using the deprecated managed policy called AWSElasticBeanstalkService and that you should be using the newer policy named <takes a deep breath> AWSElasticBeanstalkManagedUpdatesCustomerRolePolicy then this blog will help you understand what it means and what to do.