Upon policy delivery, which of the following must a producer have an applicant sign if no initial premium was collected with the life insurance application?

When delivering a life insurance policy where no initial premium was collected with the application, it is essential for the producer to obtain a signed replacement form if the policy is intended to replace another insurance policy. This replacement form ensures that the applicant is fully informed about the implications of replacing their existing coverage and acknowledges that the new policy will take its place.

The inclusion of a replacement form protects both the insurer and the applicant. It provides a record that due diligence was performed regarding any existing policies that might be affected by the new coverage. The form typically outlines the potential risks and benefits of replacing coverage, and it is a regulatory requirement in many jurisdictions to ensure transparency and protect consumers from unintended lapses in coverage or loss of benefits.

Other options do not fit the context adequately. A waiver of premium usually applies to certain circumstances that prevent the policyholder from making payments, and a good health statement pertains to the applicant's current health status, which isn't the necessary documentation upon policy delivery when no premium was collected. An exclusion form identifies specific risks that are not covered by the policy but is not required at the delivery stage in this circumstance. Therefore, the requirement to collect a signed replacement form stands out as the appropriate action in this scenario.