Question 6028 of 316 · California Life-Only Agent Exam
During the free look period of a variable annuity sold to a senior citizen, the premium may be invested only in which type of investments unless the owner directs otherwise?
Exactly one answer is correct.
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Correct answer to question 6028
- A: Fixed-income and money-market funds
Explanation
Section 10127.10(a) limits the premium to fixed-income investments and money-market funds during the 30-day cancellation period unless the owner specifically directs investment in the underlying mutual funds.
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