Which of the following actions is NOT required when a producer replaces an existing individual life insurance policy?

When replacing an existing individual life insurance policy, certain actions are mandated to ensure that the process is transparent and that the policyholder fully understands the implications of the replacement. Among these actions, obtaining the beneficiary's signature is not a requirement, which is why this choice is correct.

In the context of a policy replacement, the focus is primarily on the policyholder's decision and understanding rather than on the beneficiary. The beneficiary, who receives the benefits upon the policyholder's passing, does not have a direct role in the transaction process; thus, their signature is not necessary for the replacement to proceed. Instead, the producer must notify the current insurer about the replacement, provide a replacement notice to the policyholder, and explain the reasons for the replacement, as these steps protect both the consumer and the integrity of the insurance market. This ensures informed decisions are made and helps prevent potential misunderstandings or administrative issues regarding the coverage.