Common use of Policy Replacement Clause in Contracts

Policy Replacement. You are expected to conserve policies whenever retention of policies is in the best interest of the policyholders. You should not induce, or attempt to induce, a policyholder to replace or effect some change in existing insurance, unless it is in his or her best interest. You are responsible for ensuring that any regulatory requirements with respect to replacement are met. You are responsible for ensuring that policyholders are fully aware and understand the terms and conditions for replacing existing insurance with new insurance. Replacement of existing policies should not occur unless proper forms are filled out and remitted to the Client and insurers in a timely fashion. The Company will not tolerate any form of systematic replacement of insurance, be it internal or external replacement. Action will be taken in situations where the Company is of the opinion that the replacement of insurance policies is beyond an acceptable threshold. Actions may include the reporting of the situation and yourself to regulators. We all share the common objective of preserving and fostering an excellent business reputation.

Policy Replacement. You are expected to conserve policies whenever retention of policies is in the best interest of the policyholders. You should not induce, or attempt to induce, a policyholder to replace or effect some change in existing insurance, unless it is in his or her best interest. You are responsible for ensuring that any regulatory requirements with respect to replacement are met. You are responsible for ensuring that policyholders are fully aware and understand the terms and conditions for replacing existing insurance with new insurance. Replacement of existing policies should not occur unless proper forms are filled out and remitted to the Client and insurers in a timely fashion. The Company will not tolerate any form of systematic replacement of insurance, be it internal or external replacement. Action will be taken in situations where the Company is of the opinion that the replacement of insurance policies is beyond an acceptable threshold. Actions may include the reporting of the situation and yourself to regulators. We all share the common objective of preserving and fostering an excellent business reputation. If any situation arises which is not specifically covered, it is your responsibility to consult the appropriate authority.