Unit 24 - Life and Health

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Last updated 9:02 PM on 7/27/26
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11 Terms

1
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Group Life Minimum Members

Must insure a minimum of 2 members of a group

2
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Group Life Conversion Period

31 days to convert to individual policy, no evidence of insurability required

3
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Life/Annuity Replacement Free-Look

30 days

4
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Notice Regarding Replacement Record Retention

3 years

5
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First Violation Fine (Replacing Insurer)

$10,000

6
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Minimum Fine—Knowing Violations

$30,000

7
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Maximum Fine—Knowing Violations

$300,000

8
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Annuities Training—Initial

8 hours

9
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Annuities Training—Subsequent (Every 2 Years)

4 hours

10
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Life Settlement Rescission Period

Earlier of 30 days from agreement execution or 15 days after receipt of proceeds

11
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Life Insurance Grace Period (CA Minimum)

At least 60 days