When an individual replaces a life insurance policy, the form entitled "Important Notice Replacement of Life Insurance or Annuities" is REQUIRED to be signed by:
Comprehensive and Detailed Step by Step Explanation:
In Maryland, the replacement of life insurance policies requires safeguards to protect policyholders.
TheImportant Notice Replacement of Life Insurance or Annuitiesform must be signed byboth the applicant and the insurance producer (B)to ensure informed consent and regulatory compliance.
The applicant only (A)does not suffice, as producer acknowledgment is essential.
The producer only (C)lacks the policyholder’s agreement.
An officer of the insurer (D)does not participate in this process.
[References: Maryland Replacement of Life Insurance Regulations, COMAR 31.09.05., ]
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