What is a replacement transaction and how do I complete one?
top Consumer protection laws exist to prevent the occurrence of unnecessary policy replacements in the insurance industry. Each state has enacted laws to protect its residents and therefore, regulations and required forms vary by state. QuickQuote™ is required by law to determine if a replacement transaction exists with every application we process. Please read the following definition of a Replacement Transaction: A Replacement Transaction occurs when an applicant intends to discontinue an existing individual life insurance contract or annuity contract upon the purchase of a new life insurance contract. This does not apply to group coverage as may be provided by an employer, whether the applicant contributes to the premium payment or not. It also does not apply to a contract that is paid for by an employer. If your application is determined to be a replacement transaction by the above definition, you will have additional forms to complete. Please provide all requested information on t
Consumer protection laws exist to prevent the occurrence of unnecessary policy replacements in the insurance industry. Each state has enacted laws to protect its residents and therefore, regulations and required forms vary by state. MichiganTerm is required by law to determine if a replacement transaction exists with every application we process. Please read the following definition of a Replacement Transaction: A Replacement Transaction occurs when an applicant intends to discontinue an existing individual life insurance contract or annuity contract upon the purchase of a new life insurance contract. This does not apply to group coverage as may be provided by an employer, whether the applicant contributes to the premium payment or not. It also does not apply to a contract that is paid for by an employer. If your application is determined to be a replacement transaction by the above definition, you will have additional forms to complete. Please provide all requested information on thes
