What document must accompany an application when replacing an existing life insurance policy?

In the context of replacing an existing life insurance policy in Georgia, it is essential for the applicant to provide a signed statement. This statement serves as an affirmation from the applicant regarding their understanding of the replacement, which is critical to ensure that they are making an informed decision. It typically addresses the applicant's acknowledgment of the implications and consequences of replacing one policy with another, ensuring transparency and protection against potential misunderstandings.

In many jurisdictions, including Georgia, this requirement safeguards both the insurer and the insured by documenting the applicant's intentions and awareness of the product they are moving to. It ensures that the life insurer is complying with regulations that are designed to protect consumers from inadvertently abandoning coverage that may better serve their needs.

Understanding the context and importance of this documentation helps underscore why it is critical in the policy replacement process, focusing on consumer protection and awareness in the financial decision-making associated with insurance contracts.