Life Insurance and Annuities

19 Information Sources Additional information about life insurance companies can be found by reading insurance company rating services reports. Five major insurance rating companies grade insurers on their financial health and ability to pay claims. These companies are: A.M. Best — www.ambest.com Standard and Poor’s — www.standardandpoors.com Moody’s Investor Service — www.moodys.com Duff & Phelps — www.duffandphelps.com Weiss Research — www.weissrating.com You should check two or three of these services to get a good look at the company’s condition. They can usually be found in your local library. The California Insurance Code Specific requirements are imposed on agents and insurers when a life insurance policy or annuity replacement or change is proposed. Some of these rules are as follows: 1. The agent must leave with the applicant an original or copy of all printed materials used for the presentation to the applicant. CIC 10509.4. (b)(2) 2. The replacing insurer may request the existing insurer to furnish it with a copy of the summaries or ledger statement, within five working days of the receipt of the request. CIC 10509.6 3. Every life insurer that uses an agent in a life insurance or annuity sale shall require with or as part of each completed application for life insurance or annuity, a statement signed by the agent as to whether he or she knows replacement is or may be involved in the transaction. CIC 10509.6. (a)