DRAFT FOR CONSULTATION PURPOSES ONLY Process - Delay Acknowledgement - LIRD and Written Comparative Analysis The following process assumes the agent has determined and can demonstrate a reasonable basis to anticipate a "replacement" policy would be modified, rated or declined, and a meaningful comparison of policies cannot be provided to the consumer at the time of an application intended to replace an existing individual life insurance policy. This may result from an existing policy having been issued on a rated or modified basis, or existing current health and/or lifestyle issues. This process is not intended for use in standard "shopping of the market" or to circumvent comparison at the time of the application due to unavailability of information with respect to either the existing or proposed policy. This process postpones completion of the LIRD and written comparative analysis, however the comparison must be completed once the underwriting process and offer(s) have been received. A Life Insurance Replacement Declaration (LIRD) and written comparative analysis need not be completed for those policies which are not presented for consideration to the consumer. Prior to forwarding application to Insurer: Complete Delay Acknowledgement Review with client Obtain client signature Sign and date delay acknowledgment Leave copy with client Attach copy to application(s) to insurer(s) Concurrent with Submission of Application: Send copy of Delay Acknowledgement to ICM ICM will acknowledge receipt Upon receipt of offer(s) from Insurer(s): Complete written comparative analysis Review with client Review LIRD with client Obtain client signature on LIRD and written comparative analysis Provide client with copy of LIRD and written comparative analysis Send copy of LIRD to insurer Maintain copy of signed LIRD and written comparative analysis on file FORM - Delay Acknowledgement for Life Insurance Replacement Declaration (LIRD) and Written Comparative Anaylsis NOTE: ICM may audit or request the LIRD and written comparative analysis at any time. If the replacement application(s) is/are declined, no LIRD or written comparative analysis is required.