California Insurance License Exam Practice Test Practice Question
The California Insurance Code requirements regarding the return of life or annuity contracts issued to seniors
Correct Answer: C
Rationale: Option C accurately reflects the California Insurance Code, which allows seniors to return specified life and annuity contracts within 30 days for a full refund, providing essential consumer protection.
Option A is incorrect as the code specifically addresses individual policies rather than group policies.
Option B misdefines seniors; the law considers individuals aged 60 and older, not 55, as seniors for these provisions.
Option D is misleading; while a 30-day free look period is standard, it does not universally apply to all applicants, as it is specifically tailored for seniors in this context.
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