Life Insurance and Annuities - Policy Replacement and Cancellation
30 days
All insurance policies and annuity contracts delivered to senior citizens in the State of California are subject to a cancellation period of at least
The agent must provide a replacement notice to the applicant
An individual wants to purchase a life insurance policy. His agent asks if the transaction will involve replacing any existing life insurance policies. If the customer replies, "Yes," which of the following best describes the agent's next step?
$30,000
An insurer has been found guilty of a code violation regarding replacement. The insurer then repeats the violation. What will be the minimum penalty?
An administrative penalty of no less that $5,000 and no more the $50,000 per violation
Any insurance agent who commits a repeated violation of the Insurance Code with respect to insurance replacement will be liable for
Be fined a sum of $1,000
Any insurance agent who engages in the insurance business and violates the Code with respect to insurance replacement shall on the first violation
Must be clearly stated in the policy's text
The right of the applicant to rescind the policy for a full refund of all premiums
10 days
Every individual life insurance policy must provide for a free-look provision that lasts for at least
During the free-look period, the premium for a variable annuity may be invested in all of the following EXCEPT
valued funds
Insureds 60 years of age or older
Which of the following insured has a right to cancel an individual life policy within 30 days?
Replacement rule
Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?
10 days
What is the minimum free-look period for newly issued life insurance policies in this state?
30
During the cancellation period, an insurer must refund any premiums and policy fees within how many days of written cancellation notice by the insured?
Obtain a list of all life insurance policies that will be replaced
During replacement of life insurance, a replacing insurer must do which of the following?
