A producer plans to replace a client's existing life insurance policy with a new one. Under California's replacement rules (Sections 10509-10509.09), the producer must:

Question

Accepted Answer

Provide the required notices and obtain the applicant's signed acknowledgment before the new policy is issued

Answer

Inform the client verbally and proceed without paperwork

Answer

Wait until after the new policy is delivered to disclose the replacement

Answer

Contact the existing insurer's agent and obtain permission

A producer plans to replace a client's existing life insurance policy with a new one. Under California's replacement rules (Sections 10509-10509.09), the producer must:

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