Question 7014 of 316 · California Life-Only Agent Exam
A senior citizen directs that the premium for a variable annuity be invested in the underlying mutual funds during the free look period and then cancels. The refund is
Exactly one answer is correct.
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Correct answer to question 7014
- B: the account value and any policy fee paid
Explanation
Under section 10127.10(a)(2), when the owner has directed investment in the underlying mutual funds, cancellation entitles the owner to the account value and any policy fee paid, not the original premium.
More questions: Policy Replacement and Cancellation
- 7015Policy cancellation by the owner during the free look period generally has what effect?
- 7016Seniors age 65 and older receive special protection in California regarding
- 7001Under California Insurance Code section 10127.9, the owner of a newly issued individual life policy has a right to
- 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