Insurance Code section 10509.4
(a)
Each agent who accepts an application shall submit to the insurer with which an application for life insurance or annuity is presented, or as part of each application, both of the following:(1)
A statement signed by the applicant as to whether replacement of existing life insurance or annuity is involved in the transaction.(2)
A signed statement as to whether or not the agent knows replacement is or may be involved in the transaction.(b)
Where a replacement is involved, the agent shall do all of the following:(1)
Present to the applicant, not later than at the time of taking the application, a “Notice Regarding Replacement of Life Insurance” in the form as described in subdivision (d). The notice shall be signed by both the applicant and the agent and left with the applicant. Obtain with or as part of each application a list of all existing life insurance or annuities to be replaced and properly identified by name of insurer, the insured and contract number. If a contract number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.(2)
Leave with the applicant the original or a copy of all printed communications used for presentation to the applicant.(3)
Submit to the replacing insurer with the application a copy of the replacement notice.(c)
Every agent who uses written or printed communications in conservation shall leave with the applicant the originals of any materials used.(d)
Each agent or broker shall present to an applicant the following notice:
Source:
Section 10509.4, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=INS§ionNum=10509.4. (updated Jan. 1, 1991; accessed Jul. 14, 2025).
