State RegulationsCA specific✓ Verified · outline & fact-checked · Sep 2026Difficulty 1/5
Under California law, when a senior citizen aged 60 or older purchases an individual annuity, the cancellation period during which the contract may be returned for a full refund must be at least:
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under Section 10127.10, every individual annuity contract issued to a senior citizen (age 60 or older on the date of purchase) must provide a cancellation period of at least 30 days. The notice must be printed on the front of the policy jacket or cover page. For nonvariable contracts, return within the period voids the policy and all premiums and policy fees are refunded within 30 days of the cancellation notice.
Why the other options are wrong
- B) Ten days is the minimum free-look period allowed under Section 10127.9 for consumers under 60; seniors get at least 30 days under Section 10127.10.
- C) Sixty days is the grace period for life insurance premium payment under Section 10113.71, not the senior annuity cancellation window.
- D) Twelve months is the deadline for the first income payment of an immediate annuity, unrelated to the cancellation right.
Memory hook
Seniors get a full 30-day exit window on annuities — ten days is the under-60 crowd.