California Insurance License Exam Practice Test Practice Question
How long is the free cancellation period for life insurance policies offered to individuals who are age 60 or older?
Correct Answer: C
Rationale: Life insurance policies for individuals aged 60 or older typically provide a 30-day free cancellation period. This timeframe allows policyholders to review their coverage and make informed decisions without financial pressure.
Option A (10 days) is too short, limiting the opportunity for thorough consideration. Option B (20 days) still falls short of the standard, potentially leaving individuals without sufficient time to assess their needs. Option D (45 days) exceeds the usual period, which could lead to confusion about policy terms. Therefore, 30 days strikes the right balance for informed decision-making.
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