Life Insurance

LCalifornia insurance code Update

California insurance code

Special requirements are imposed on agents and insurance companies when life insurance policies or replacement or changes are proposed. Some of these rules are as follows:

Agents must leave the original applicant or copy all printed materials used for presentations to the applicant. CIC 10509.4. (B) (2)
Insurance companies that replace can ask existing insurance companies to give it a copy of the summary or ledger statement, within five working days after receiving requests. CIC 10509.6


Every life insurance company that uses agents in life insurance or annuity sales must be needed with or as part of each application that has been completed for life insurance or annuity, a statement signed by the agent whether he knows the replacement or may be involved in the transaction. CIC 10509.6. (a)
Agents or insurance companies may not recommend a certain replacement or change in a policy using a material that is materially inaccurate or comparison of premiums and the benefits of existing contracts or dividends and values, if there, or recommend that the age of 65 years is insured or more old. Anuity. CIC 10509.8.


Life insurance companies must give to all prospective

insured guidance buyers before receiving the initial premium premium or premium deposit. However, if the policy that the application created contains the provision of unconditional refunds of at least 10 days, the buyer’s guide will be sent with a policy or before sending a policy. CIC 10509,975.
Every individual life insurance policy must have a notification stating that after receiving a policy by the owner, the policy can be returned by the owner for cancellation by sending it or sending it to an insurance company or to an agent through who is purchased. This period should not be less than 10 days or more than 30 days.

CIC 10127.9. Senior citizens must be given a notification printed or attached to a policy that shows a period of no less than 30 days for individual life insurance and an individual’s annuity contract after receiving the policy by the owner, the policy can be returned by the owner for the cancellation and full refund. CIC 10127.10. (a). Discuss a free display period with your agent or insurance company before buying a life insurance policy.

If the transaction involves a replacement policy, the insurance company that replaces must provide in its policy or in a separate written notification delivered with the policy that the applicant has the right to refund without the conditions of all premiums paid within 30 days starting from the date of the policy delivery. CIC 10509.6. (d).

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