Under Florida's replacement rules, what must accompany an application that will replace an existing life insurance policy?

Why B is correct

Under F.A.C. 69B-151.007, in a replacement transaction the replacing insurer must obtain with the application a statement signed by both the applicant and the agent listing the policies or contracts proposed to be replaced. The agent's job is to present the required replacement notice and secure those signatures, which creates the auditable paper trail the DFS reviews in market-conduct examinations.

Why the other options are wrong

• A) The Buyer's Guide is a general disclosure; replacement specifically requires the dual-signed replacement statement.
• C) A verbal acknowledgment leaves no record; the rule requires signatures from both applicant and agent.
• D) The existing insurer receives the notice but its consent is not a precondition to replacement.

Memory hook

Replacement = two signatures on one statement: applicant plus agent.

Why B is correct

Under F.A.C. 69B-151.007, the replacing insurer must obtain with the application a replacement statement signed by both the applicant and the agent; the agent's role is to present the notice to the applicant, secure the applicant's signature, and sign it as well. This dual-signed statement alerts the replacing insurer, the existing insurer, and any later DFS review that a replacement is taking place.

Why the other options are wrong

• A) The existing insurer's consent is not required; it receives notice, not a veto over the transaction.
• C) Comparative information comes later, through Form OIR-B2-313, and only upon request.
• D) Free-look rights cannot be waived by an applicant's signature.

Memory hook

Two signatures on the replacement statement, every time.