When an insurance policy is being replaced who signs the replacement authorization?

Answer 1

The insured (or legal representative) and the agent signatures are on the replacement. Replacement documentation verifies the insured understands and acknowledges understanding of the policy replacement. The agent records the reason for replacement and confirms the insured understands and agrees to the transaction.

For example: If an existing policy does not provide adequate an benefit amount for the intended purpose (old policies in some cases), it would make sense to update to appropriate coverage levels.