When must a replacement notice be provided during the insurance application process?

A replacement notice must be provided at the time of application because this is the stage when an applicant is making decisions regarding new insurance policies and possibly replacing existing coverage. The purpose of the replacement notice is to inform the applicant about the implications and potential consequences of replacing an insurance policy. This includes understanding the benefits and disadvantages, ensuring they are aware of any coverage gaps, and making an informed choice.

Providing the notice at the time of application allows the applicant to fully consider their options and make a more educated decision regarding their insurance needs. It's essential for maintaining transparency and protecting consumers during the transaction.