Chapter Eight Quiz Flashcards
During the cancellation period, an insurer must refund any premiums and policy fees within how many days of written cancellation notice by the insured?
30
An insured has the right to return the new insurance policy for a full refund during the:
Free-look period
How must a replacing producer respond to an applicant wishing to replace exising life insurance?
The producer must provide the applicant with a Notice Regarding Replacement
All insurance policies and annuity contracts delivered to senior citizens in the State of California are subject to a cancellation period of at least:
30 days
Any insurer who engages in the insurance business and violates the Code with respect to insurance replacement shall on the first violation:
Be fined a sum of $10,000
During replacement of life insurance, a replacing insurer must do which of the following?
Obtain a list of all life insurance policies that will be replaced
Any insurance agent who commits a repeated violation of the Insurance Code with respect to insurance replacement will be liable for:
Be administrative penalty of no less than $5,000 and no more than $50,000 per violation
Which of the following documents must be provided to the policyowner or applicant during policy replacement?
Notice Regarding Replacement
Every individual life insurance policy must provide for a free look provision that lasts for at least:
10 days
What is minimum free look period for newly issued life insurance policies in this state?
10 days
The right of the application to rescind the policy for a full refund of all premiums:
Must be clearly stated in the policy’s text
To which of the following products does the Replacement Regulation apply?
Whole life insurance
