California Life and Health Insurance Practice Exam

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Study for the California Life and Health Insurance Exam. Practice with flashcards and multiple-choice questions, each question has hints and explanations. Get ready for your exam!

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The California Insurance Code allows an individual how many days to cancel a life policy for a full refund?

5 to 10 days
10 to 30 days
30 to 60 days
60 to 90 days

The correct answer is: 10 to 30 days

The California Insurance Code provides a specific period during which an individual can cancel a life insurance policy and receive a full refund of the premiums paid. This period is designed to protect consumers by allowing them time to reconsider their purchase and decide if the policy meets their needs. The correct period is 10 to 30 days after the individual receives the policy, typically referred to as the "free look" period. This timeframe ensures that policyholders have adequate time to review the terms of their policy and feel confident about their decision.