Final answer:
An existing life insurance policy is being replaced by a new one, and the insurer must provide a notice of replacement to be signed by the applicant.
Step-by-step explanation:
The subject of this question is Insurance. When an existing life insurance policy is being replaced by a new one, a notice of replacement must be provided by the insurer to be signed by the applicant. The insurer is responsible for issuing the notice and ensuring that the applicant acknowledges the replacement.