Each producer who initiates the application must submit the following to the insurance company with or as part of the application, a statement required to be signed by both applicant and the producer confirming whether the applicant has the existing policies or contracts.
If the statement submitted by the applicant says no, that is, the applicant does not have existing policies or contracts, then the producer's task with respect to the replacement is done and he has nothing to do further.
However, if the statement says yes regarding the existing policies or contracts, then the producer is required to read and present to the applicant, a notice regarding the replacements in the manner described in Appendix A. The notice is compulsorily required to be signed by both applicant and the producer.
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