Which action is NOT required from a producer when handling a replacement of an existing life insurance policy?

In the context of handling a replacement of an existing life insurance policy, the action that is not required from a producer is obtaining the beneficiary’s signature. The focus of the replacement process is on the policies and the individual insured, not necessarily on the beneficiaries.

When replacing an existing policy, it is essential for the producer to obtain the insured's consent to ensure they understand they are switching policies. Additionally, providing a notice regarding the replacement is mandated to inform the insured about the implications and comparisons between the existing policy and the new one, thus enabling informed decision-making. Moreover, submitting a final application for the new policy is a procedural requirement to ensure that all necessary paperwork is completed for the new coverage to be activated.

Beneficiaries do not play a direct role in the decision-making process regarding the replacement of the policy, which is why their signature is not needed. This distinction highlights the focus on the policyholder's rights and responsibilities in the replacement transaction.