What must an agent submit with a life insurance or annuity application for policy replacement?

When an agent submits a life insurance or annuity application involving policy replacement, they are required to include a signed statement regarding the replacement. This document is crucial because it serves to disclose to the applicant that they are replacing an existing policy with a new one. It also ensures that the agent has informed the insured about the implications of replacing their current coverage, including potential loss of benefits, changes in premiums, and any waiting periods that may apply. This signed statement promotes transparency and informed decision-making by the applicant, which is essential in the life insurance industry.

Other documentation, such as a copy of the existing policy or a financial analysis, may be beneficial for the applicant to understand their situation better but is not mandated for the replacement process itself. An application fee is typically not relevant in the context of replacement and is not a requirement for submitting an application in this scenario.