What is the minimum free look period for newly issued life insurance policies in the state?Every state insurance department mandates a free look provision of at least 10 days for life insurance policies, though many require an even longer period. Additionally, your contract may include a free look provision longer than the minimum requirement.
What is the free look period for life insurance in California?Free Look Provisions - You may review a policy of Life, Annuity, Long-Term Care, or Medicare Supplement for 30 days after you receive the policy in order to decide whether you wish to keep the policy.
What is the maximum fine that may be imposed on an insurer that has violated the California insurance Code provisions related to annuity replacement?An insurer could be fined $10,000 for the first violation and at least $30,000 for subsequent violations. Their maximum penalty is no more than $300,000 per violation. The California commissioner can also require the rescission of any contract found to have been offered in violation of the states laws and regulations.
Which of the following insured has a right to cancel an individual life policy for a full refund within 30 days?Senior citizens must be given a notice printed on or attached to the policy indicating a period of no less than 30 days for an individual life insurance and individual annuity contract after receipt of the policy by the owner, the policy may be returned by the owner for cancellation and a full refund.
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