In replacing an existing life policy with a new policy, who must provide the notice of replacement to be signed by the applicant?

• A. insurer
• B. applicant
• C. broker
• D. producer

Answer: (D)

When you replace an existing life policy with a new one, a Notice Regarding Replacement must be given to the applicant. The producer (the licensed agent or broker handling the sale) is the one who provides that notice and obtains the applicant’s signature. This ensures the applicant is informed about the implications of the replacement and can compare how the new policy differs from the old one before proceeding. The applicant signs to acknowledge receipt, and a copy of the notice is kept for records. While the insurer may provide forms or information, the act of delivering the notice and securing the signature rests with the producer.