Which of the following is not a requirement for the replacement of life insurance policies?

The correct answer identifies a non-essential requirement in the process of replacing life insurance policies. In the context of life insurance replacement, several steps are mandated to ensure transparency and protect consumers. However, contacting the applicant is not universally specified as a necessary requirement in this process.

To elaborate, sending a copy of the application, providing a policy summary, and submitting a replacement notice are standard practices to help facilitate informed decision-making. These requirements are designed to ensure that policyholders fully understand the implications of replacing their current insurance with a new policy, including evaluating benefits and costs.

While contacting the applicant may be a beneficial practice to clarify uncertainties or provide additional guidance, it is not a strict requirement outlined by regulations. Therefore, the absence of the need to contact the applicant distinguishes this option from the other requirements that are fundamental to the replacement of life insurance policies.