What document must an agent submit when replacing an existing life insurance policy?

When an agent is replacing an existing life insurance policy, it is essential to submit a notice to both the existing insurer and the new insurer regarding the intention to replace. This requirement is in place to ensure that all parties involved are aware of the change, which helps protect consumers from potential lapses in coverage or misunderstandings about their insurance needs.

The notice serves a crucial purpose: it informs the existing insurer that the policyholder is considering switching to a different policy, allowing them to provide any relevant information that may help the policyholder make an informed decision. Additionally, this practice promotes transparency in the insurance industry and helps maintain regulatory compliance, ensuring that agents act in the best interests of their clients while adhering to Georgia's laws on replacing insurance policies.

Other options, while they may relate to insurance processes, do not fulfill the specific requirement of notifying both existing and replacing insurers about the intention to replace a policy, which is why they are not correct in this context.