During the replacement of an existing life insurance policy, which document must an agent submit to the replacing insurance company?

When an agent is involved in the replacement of an existing life insurance policy, the specific document that must be submitted to the replacing insurance company is the notice to existing and replacing insurers of intention to replace. This notice serves a critical purpose in the insurance replacement process. It ensures that both the existing insurer and the new insurer are aware of the replacement transaction, which helps in preventing lapses in coverage and ensuring that the policyholder is fully informed.

This notice is intended to protect consumers by making them aware of the implications of replacing their insurance policy, including any potential loss of benefits or coverage. It promotes transparency and helps prevent situations where a policyholder may inadvertently make a decision detrimental to their financial security.

Other documents mentioned, such as a claim adjustment form, policy summary report, and agent certification document, do not fulfill this specific regulatory requirement, making them unnecessary for this particular scenario. The focus on the notice underlines its importance in safeguarding consumer rights and ensuring proper communication between involved parties.