In Florida life insurance practice, replacement means what and why is it regulated?

• A. Replacement means exchanging an existing policy for a new one; regulated to speed up sales.
• B. Replacement means exchanging an existing policy for a new one; regulated to protect consumers from lapse risks and misrepresentation and to ensure suitability.
• C. Replacement means replacing a policyholder.
• D. Replacement means canceling a policy with no replacement.

Answer: (B)