Final answer:
The FL Replacement Rule includes a prohibition against misrepresentations, requirements for policy summaries, and a mandatory free look period. It does not include a minimum age requirement for policy replacement. d) Minimum age requirement for policy replacement
Step-by-step explanation:
The FL Replacement Rule pertains to the safeguards and protocols involved in the replacement of an existing life insurance policy or annuity with another. Within this rule, certain provisions are stipulated to protect policyholders, such as:
- Prohibition against misrepresentations: This ensures that information provided about the new policy is accurate and not misleading.
- Requirements for policy summaries: It mandates that a policy summary be provided to the policyholder, allowing for an informed decision.
- Mandatory free look period: The rule includes a provision for a period during which a new policy can be returned without penalty.
However, the FL Replacement Rule does not have a provision that stipulates a:
- Minimum age requirement for policy replacement
The absence of an age requirement in the rule means that it does not apply to individuals' eligibility to replace a policy based on their age. Therefore, the correct answer to the question - 'Which of the following does NOT apply to the FL Replacement Rule?' is d) Minimum age requirement for policy replacement.