Replacement is any transaction in which a new life policy or annuity is to be purchased, and the producer knows, or should know, that existing contract(s) will be:

Replacement is any transaction in which a new life policy or annuity is to be purchased, and the producer knows, or should know, that existing contract(s) will be:



  • Lapsed, forfeited, surrendered, or terminated
  • Reduced in value
  • Amended with a reduction in benefit or term
  • Reissued with a reduced cash value
  • Subjected to borrowing

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