States that require a replacement form for just owning life insurance
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- 16,887
Most of them.
Tennessee does not.
- 29,492
Either does Illinois.
- 16,887
Indiana does not.
- 4,576
What states require a form to be completed merely that someone owns life?
I knowost carriers ask about existing life, but that is so they can underwrite the client based on too much coverage, etc.
But are there really states that require separate forms for merely owning life? If so, is it individual life, group life, credit union A,D & D?
I knowost carriers ask about existing life, but that is so they can underwrite the client based on too much coverage, etc.
But are there really states that require separate forms for merely owning life? If so, is it individual life, group life, credit union A,D & D?
- 18,989
Any state that has accepted the NAIC model requires a replacement form even if not replacing.
I do most of my business in Ky but also Tn and In. In Tn and Indiana I do not have to do a replacement form if not replacing. In Ky I do.
You just put on the form "no replacement involved"
It's not a big deal. Just one more form.
- 18,989
I would guess the intent is to keep agents from “forgetting” to do replacement forms in replacement situations.
But I don’t believe it’s achieved that end.
But I don’t believe it’s achieved that end.
- 5,778
I don't believe it was an issue of "forgetting" it was more along the lines of willful intent to "forget".
- 10,330
It pertains to suitability of the sale. Not all life apps ask if current coverage is being cancelled or kept. Its a way to ensure the status of existing coverage is recorded during the sales process.
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