According to Florida's life insurance replacement laws, when must a policyowner be provided with a written Comparison and Summary Statement?

The correct answer is that a policyowner must be provided with a written Comparison and Summary Statement upon request.

This requirement is designed to ensure that policyowners have access to clear and comprehensive information regarding their insurance options and potential changes that might arise from replacing an existing policy with a new one. The Comparison and Summary Statement serves to illuminate the differences between the old and new policies, including coverage, benefits, and costs, which empowers consumers to make informed decisions about their insurance needs.

By allowing the policyowner to request this information, Florida's laws focus on the importance of transparency and consumer protection in the insurance industry. This approach aims to prevent misunderstandings and ensure that individuals are fully aware of the implications of replacing an existing policy before proceeding with any changes.

The timing options associated with cancellation, issuance, or payment of premiums do not align with the regulatory focus on giving policyowners control over the information they receive concerning their insurance choices. Thus, the law emphasizes the policyowner's proactive right to request the Comparison and Summary Statement rather than receiving it automatically under other conditions.