Subject to replacement laws:
Types of policies:
Whole life
Endowment
Term
Universal life
Variable life
Annuities
Situations:
* If the insured forfeits, surrenders, terminates or lapses an in-force policy.
* If the policy is changed to reduced paid-up or extended term nonforfeiture option.
* If the insured borrows 25% from the cash to buy a new policy.
* If the policy is reissued with any reduction in cash
value, benefits or length of coverage.
Not subject to replacement laws:
Types of policies:
Group insurance
Credit life
Situations:(policies other than group or credit life)
* Proposed life insurance that is to replace life insurance under a binding or conditional receipt issued by the same company.
* When a conversion privilege is being exercised.
* When an insured adds policies replacement is not required.
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