Question 2023 of 303 · California Life-Only Agent Exam
Rescission of an insurance contract means that the contract is
Exactly one answer is correct.
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Correct answer to question 2023
- B: voided, with the parties restored to prior positions
Explanation
Rescission cancels the contract from inception, so premiums are generally refunded. It differs from cancellation, which ends coverage only going forward.
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