Pennsylvania Life and Health Insurance Exam Practice Question
When a life insurance policy is issued to replace another, which of the following does NOT need to be provided at or before delivery?
Correct Answer: C
Rationale: In the context of replacing a life insurance policy, specific documents are necessary to ensure transparency and informed decision-making.
Option A, the Notice regarding replacement, is crucial as it informs the policyholder about the implications of replacing their existing coverage. Option B, the Policy summary, provides essential details about the new policy, aiding the policyholder in understanding their new coverage. Option D, the Outline of coverage, outlines the benefits and limitations, ensuring the policyholder is fully informed.
In contrast, Option C, the replacing insurer's financial statements, while informative, is not a required document at or before delivery. Thus, it does not need to be provided to the policyholder.
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