Question 7005 of 303 · California Life-Only Agent Exam
A replacement of life insurance occurs when
Exactly one answer is correct.
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Correct answer to question 7005
- A: a new policy is bought and an existing one is lapsed, surrendered, or changed
Explanation
Replacement involves discontinuing or altering an existing policy because of the new purchase.
More questions: Policy Replacement and Cancellation
- 7006When replacement is involved, the agent must give the applicant
- 7007Which of the following is a potential disadvantage of replacing a whole life policy with a new one?
- 7008Twisting is the practice of
- 7009A 1035 exchange is permitted when a policy owner
- 7010When replacing a life policy, what must the replacing insurer typically do?
- 7011The purpose of California's replacement regulations is to