In replacement, an existing insurer must provide policyowners with a policy summary for existing Life Insurance within how many days of receiving the written communication and replacement?

The correct timeframe for an existing insurer to provide policyowners with a policy summary when a replacement is involved is 5 days from the receipt of the written communication regarding the replacement. This requirement ensures that policyowners are given timely and necessary information about their existing life insurance policies, allowing them to make informed decisions on their coverage.

Providing this summary within 5 days is designed to protect consumers by ensuring they have immediate access to important details about their current policy, which aids in the evaluation of the proposed replacement policy. This quick turnaround is essential in the context of replacement transactions in the insurance industry, reinforcing the principle of transparency and informed consent for policyowners.

Understanding this timeline is critical for insurance agents, as it underscores the regulatory framework that governs their responsibilities, ensuring they adhere to legal requirements in their interactions with clients.