What is the time frame within which information must be sent to the replaced company when a policy is replaced?

When a life insurance policy is replaced, there is a specific regulatory mandate that requires the new insurer to provide certain information to the replaced insurance company. This requirement ensures that the replaced company is aware of the change and can manage the transition appropriately, which includes elements such as surrender value and other essential policy details.

The timeline for sending this information is crucial for maintaining transparency and protecting the interests of the policyholder. In Ohio, the correct time frame for this communication to occur is set at 5 business days. This regulation is designed to ensure that all parties involved are adequately informed, which helps prevent misunderstandings and ensures that the policyholder is not left in a vulnerable position during the transition process.

The other options do not align with this established timeframe, which is why they are not the correct choice. Overall, knowing the requirement of 5 business days is important for compliance with state insurance regulations and for the smooth handling of policy replacements.