Question

Which of the following is NOT exempt from replacement rules?

a. Credit life insurance
b. Group life insurance or group annuities where there is direct solicitation of individuals by an agent
c. Group life insurance and annuities used to fund prearranged funeral contracts
d. Proposed life insurance that is to replace life insurance under a binding or conditional receipt issued by the same company

Answer 1

The correct answer is option d. Proposed life insurance that is to replace life insurance under a binding or conditional receipt issued by the same company.

Step-by-step explanation:

In this question, we are given multiple options, and we need to identify which one is NOT exempt from replacement rules. The correct answer is option d. Proposed life insurance that is to replace life insurance under a binding or conditional receipt issued by the same company. This option is not exempt from replacement rules as it involves replacing existing life insurance with a new one under a binding or conditional receipt.