A California producer is preparing to sell an individual deferred annuity to a 72-year-old client. Which statement BEST describes the senior-specific disclosure and free-look requirements?
Explanation
California's senior insurance-protection regime layers multiple statutes: (a) California Insurance Code §10127.10 provides a 30-DAY free-look right of return for any individual life or annuity policy delivered to a person age 60 or older, with full refund of premium; (b) §10127.13 requires annuity disclosure documents (contract summary, Buyer's Guide); (c) §10234.93 imposes annuity suitability obligations and replacement disclosures; (d) §789.10 requires an in-home solicitation notice delivered in advance; (e) §785-787 govern senior solicitation generally. Option A ignores the senior overlay. Option B ignores the annuity disclosure. Option D is wrong; senior protections apply to fixed AND variable annuities (variable annuities add separate SEC/FINRA prospectus requirements). The 30-day senior free-look is among California's most distinctive consumer rights.
Law Reference: California Insurance Code §10127.10 (senior free-look); §10127.13 (annuity disclosure)Practice all 315 questions free — no signup required.
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