Final answer:
The Notice Regarding Replacement of Life Insurance is required for most life insurance policies when they are being replaced, not just for whole life insurance or policies exceeding $100,000, nor is it the insurer's responsibility to send the notice to the beneficiary.
Step-by-step explanation:
The correct statement regarding the Notice Regarding Replacement of Life Insurance is d. It's required for most life insurance policies when replacing another. This requirement exists to protect policyholders from unknowingly losing benefits or being misled about the new policy's terms. When a new life insurance policy is purchased to replace an existing one, the insurer must provide the policyholder with a notice that outlines the potential consequences of replacement, such as the loss of accrued benefits.
Life insurance policies, including cash-value (whole) life insurance, come with a death benefit and may have a cash value component which accumulates over time and can be used by the policyholder. This feature adds a layer of complexity when considering the replacement of one policy with another, thus necessitating the notice.