In California, when a life insurance or annuity sale involves replacing an existing policy, what document must the producer present to the applicant at the time of application?

Why this is the answer

Under California's life insurance and annuity replacement article (Ins. Code §§ 10509-10509.9), a producer who knows or has reason to know a sale will replace existing coverage must present a 'Notice Regarding Replacement' to the applicant. The statutory notice (§ 10509.4(d)) warns that replacing coverage could be a good decision or a mistake, urges a careful comparison of existing and proposed benefits, and tells the applicant the existing company will be notified; it is signed by BOTH the applicant and the producer and left with the applicant (§ 10509.4(b)(1)). A buyer's guide describing only the new coverage does not satisfy the replacement notice requirement. Handing over the existing insurer's policy summary is not the producer's duty at application. There is no 'Form RR-15' in CA practice.