State RegulationsGA specificDifficulty 2/5
In a Georgia life insurance replacement, which of the following duties belongs to the REPLACING insurer rather than to the agent?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under Reg. 120-2-24-.06 and Reg. 120-2-24-.07, the replacing insurer — not the agent — must notify each existing insurer that a replacement is contemplated and must retain records of the replacement. The agent's separate duties toward the applicant are found in Reg. 120-2-24-.05. Distinguishing which party performs which duty is a classic examination trap on replacement questions.
Why the other options are wrong
- A) Leaving the replacement notice with the applicant is an agent duty under Reg. 120-2-24-.05, not an insurer duty.
- B) Obtaining the list of existing policies is likewise the replacing agent's duty under Reg. 120-2-24-.05.
- D) The signed replacement statement is obtained by the agent as part of the application.
Memory hook
The new company tells the old company.