An insurance company MUST take which of the following actions when one of its producers replace an existing life policy. Notify the existing insurance producer about the proposed replacement within seven working days after receiving the application for the new policy 2.Notify the existing insurance company about the proposed replacement within three working days after receiving the application for the new policy 3.Extend the new policy's Free Look period to a maximum of sixty days 4.Maintain records of the replacement for a minimum of one year
An insurance company MUST take which of the following actions when one of its producers replace an existing life policy. Notify the existing insurance producer about the proposed replacement within seven working days after receiving the application for the new policy 2.Notify the existing insurance company about the proposed replacement within three working days after receiving the application for the new policy 3.Extend the new policy's Free Look period to a maximum of sixty days 4.Maintain records of the replacement for a minimum of one year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An insurance company MUST take which of the following actions when one of its producers replace an existing life policy.
- Notify the existing insurance producer about the proposed replacement within seven
working days after receiving the application for the new policy
2.Notify the existing insurance company about the proposed replacement within three
working days after receiving the application for the new policy
3.Extend the new policy's Free Look period to a maximum of sixty days
4.Maintain records of the replacement for a minimum of one year
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