California Insurance Code Section 10127.10 (a 30-day return period for purchasers aged 60 or older)

Exactly what this source supports

These are the only claims this record is used to carry anywhere in the library.

• Section 10127.10 provides a 30-day period from the date the policy is received within which an individual life insurance policy or annuity contract may be returned, where the policy is issued to a senior citizen.

  claim ca-ins-code-10127-10#c1

• Section 10127.10 defines a senior citizen for this purpose as an individual who is 60 years of age or older on the date of purchase.

  claim ca-ins-code-10127-10#c2

• Section 10127.10 requires the prescribed notice to be printed on the cover page in 12-point bold print with one inch of space on all sides.

  claim ca-ins-code-10127-10#c3

• Section 10127.10 provides that for a variable policy whose premium is invested in mutual funds, what is refunded is the policy account value on the day the policy is received by the insurer or agent, which could be less than the premium paid.

  claim ca-ins-code-10127-10#c4

• Section 10127.10 provides for an immediate annuity that after the 30-day period has expired the purchaser may not be able to get the purchase payment money back.

  claim ca-ins-code-10127-10#c5

Each claim above has its own address. Link to a single claim with/sources/ca-ins-code-10127-10#c1, and read the same list with its identifiers, checksums and dates at ca-ins-code-10127-10.json. A checksum lets you tell whether a claim you cited still says what it said.

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Reviewer notes

Recorded for the specific provisions above; the full prescribed notice text was not transcribed into this record. The provision worth carrying is the variable branch, because the headline "full refund" is not what a mutual fund funded policy returns. It returns account value on the day of receipt, which can be below what was paid, and the section says so in its own prescribed wording rather than leaving it to an insurer to explain.