§ 90c.22. Assignment or surrender of existing insurance policies as consideration for the insurance being applied for.
If the application contains a statement in the declaration section or elsewhere that existing contracts are being assigned or surrendered as consideration for the insurance being applied for, the company sends a detailed explanation of this arrangement and copies of additional forms used prior to approval of the application. Additionally, the company certifies that there will not be any lapse of coverage under existing insurance until new coverage is issued.
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