Question 7001 of 316 · California Life-Only Agent Exam
Under California Insurance Code section 10127.9, the owner of a newly issued individual life policy has a right to
Exactly one answer is correct.
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Correct answer to question 7001
- A: cancel during the free look period for a refund
Explanation
Every individual life policy must state a free look period of not less than 10 and not more than 30 days after the owner receives it. Cancelling voids a nonvariable policy and the premiums are refunded; for variable products the refund is the account value.
More questions: Policy Replacement and Cancellation
- 7002Under section 10127.9, what is the shortest free look period an insurer may state in the notice on an individual life policy?
- 7003What is the minimum free look period for an individual life policy or annuity delivered to a senior citizen (age 60 or older on the purchase date) in California?
- 7004The free look period for a California senior begins on
- 7005A replacement of life insurance occurs when
- 7006When replacement is involved, the agent must give the applicant
- 7007Which of the following is a potential disadvantage of replacing a whole life policy with a new one?