South Carolina Life and Health Practice Exam 2025 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 400

Replacement forms must be kept on file by the insurer for a minimum of how many years?

2 years

3 years

5 years

The correct answer is that replacement forms must be kept on file by the insurer for a minimum of 5 years. This requirement is in place to ensure that there is a record of any policies that have been replaced, allowing regulators and auditors to verify compliance with appropriate replacement practices.

Keeping these forms on file for five years provides a sufficient time frame for review in case disputes arise regarding the policy replacement. It also aligns with the principle of protecting consumers by making sure that they have received all necessary information when considering a replacement policy.

Furthermore, insurers are expected to maintain detailed records of transactions not only for compliance purposes but also to ensure that they can provide adequate service to policyholders and address any future inquiries or claims related to the policies involved.

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7 years

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