The replacement of an existing life insurance policy in Georgia requires what documentation?

In Georgia, when replacing an existing life insurance policy, it is mandatory to provide signed statements from both the agent and the applicant. This requirement is in place to ensure full transparency regarding the replacement of the policy. The signed statements serve as a formal acknowledgment that the applicant understands the implications of replacing their existing policy, including any potential loss of benefits, changes in coverage, or differences in costs.

The documentation process fosters consumer protection by ensuring that individuals are making informed decisions, thereby minimizing any misrepresentation or misunderstanding related to the new policy. This requirement also establishes a clear record of the transaction, which can be important for future reference and compliance with state regulations.

The other options do not align with the regulatory requirements in Georgia for policy replacement. There must be formal documentation, and simple verbal notice or lack of disclosures do not meet the standards set forth for protecting consumers in insurance transactions.