Which of the following statements regarding an insurance producer's responsibilities in a life insurance policy replacement transaction is NOT correct?

a. The applicant must sign a statement that the sale involves a replacement.

b. The agent must sign a statement that the sale involves a replacement.

c. The agent must send the existing insurer a notice of intent to replace the existing policies, describing the insured and the intended policies to be replaced.

d. The agent must sign and give the applicant a "Notice Regarding Replacement of Life Insurance or Annuity".

Answer: C

Insurance

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