What is a replacement of life insurance?
A replacement occurs when a new policy or contract is purchased and, in connection with the sale, you discontinue making premium payments on the existing policy or contract, or an existing policy or contract is surrendered, forfeited, assigned to the replacing insurer, or otherwise terminated or used in a financed ...
What is the Florida replacement rule?
1. The insurer must offer coverage under which the insurer is obligated to pay the replacement cost without reservation or holdback for any depreciation in value, whether or not the insured replaces the property. 2.
What is Connecticut's definition of life insurance replacement?
(11) "Replacement" means a transaction in which a new policy or contract is to be purchased, and it is known or should be known to the proposing producer, or to the proposing insurer if there is no producer, that by reason of the transaction, an existing policy or contract has been or is to be: (b) Lapsed, forfeited, ...
What is North Carolina's definition of life insurance replacement?
When an existing life insurance policy is terminated so that a new life insurance policy can be purchased, this transaction is referred to as. Replacement.