Life Insurance: Chapter 6: Policy or Contract Replacement

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Replacement Rules Do NOT apply to:

- industrial insurance - group, franchise, and individual credit life insurance - group life insurance issued with a pension, profit sharing, or other benefit plans - variable life insurance or annuities - application for insurance is made to the same insurer that issued the existing insurance and a contractual policy or conversion privilege is being exercised - existing life insurance is non convertable term policy with 5 years or less to expire and cannot be reviewed

Duties of Replacing Insurer

- present to the applicant a NOTICE REGARDING REPLACEMENT that is signed by both applicant and producer (copy left with applicant) - obtain a list of all existing life insurance policies and/or annuity contracts to be replace and including policy numbers and the names of all companies being replace - leave the applicant with the original or copy of written communication presented to applicant - submit to the replacing insurance company a copy of the replacement notice with the application

Duties of the replacing insurance company

-Require from the producer a list of the applicant's life insurance or annuity contracts to be replaced and a copy of the replacement notice provided to the applicant; and -Send each existing insurance company a written communication advising of the proposed replacement within a specified period of time of the date that the application is received in the replacing insurance company's home or regional office. A policy summary or ledger statement containing policy data on the proposed life insurance or annuity must be included.

Existing insurers must provide policyowners with a policy summary for the existing life insurance within how many days of receiving the written communication and replacement?

10

for replacing insurers, maintain copies of the replacement notice, all required written information, the applicant's signed statements regarding replacement and a replacement register in their home office for at least __ years, or until __

3 years, or conclusion of the next regular examination by Insurance Department

for replacing insurers, send to the applicant when was requested in the "Notice to the Applicant Regarding Replacement of Life Insurance" a completed Comparative Information Form containing information regarding to the proposed insurance with __ days the application and the Regarding Replacement are received at the insurer's home or regional office, or date policy is issued

5 working days

replacement

Any transaction in which a new life policy or annuity is to be purchased, and the producer knows, or should know, that existing contract(s) will be: Lapsed, forfeited, surrendered or terminated Reduced in value Amended with a reduction in benefit or term Reissued with a reduced cash value Subjected to borrowing

when a life insurance agent proposal replaces an existing life insurance policy, it must be in accordance with?

Florida Replacement Rule

Florida Replacement Rule

Sets forth the requirements and procedures to be followed by insurance companies and agents when a proposal is being made in which a prospective life insurance buyer will be replacing existing insurance contracts with the proposed new insurance

for replacing insurers, send to the existing insurer a copy of the replacement notice __ upon its receipt at home or regional office

immediately

replacing insurer

the company that issues the new policy

Existing Insurer

the company whose policy is being replaced


Kaugnay na mga set ng pag-aaral

Español AP, Prueba #2, Respuesta Corta

View Set

Foundations of American Democracy

View Set

Reading 24 - Financial Analysis Techniques

View Set

FDM 493F Exam 3 review questions

View Set