12. Individual life insurance policies sold to seniors in the State of California must include a prominently placed statement that divulges all of the following information EXCEPT
Answer: B
Proof of surrender must be notarized at the agent's principal office.
Life insurance policies sold to seniors in California do not require that proof of surrender be notarized at the agent's principal office. This requirement is not a standard disclosure mandated by law for individual life insurance policies.
A) the policy should be returned to the agent or insurer if not wanted.
This statement is a requirement that ensures seniors are aware of their options regarding policy cancellation. Therefore, it is included in the disclosures and is not the correct answer.
B) proof of surrender must be notarized at the agent's principal office.
This option is the correct answer as it does not align with the required disclosures for life insurance policies sold to seniors. There is no legal stipulation requiring notarization of proof of surrender at the agent's office.
C) a charge might apply if declined after the time allowed for surrender.
This statement serves to inform policyholders about potential fees that may occur if they do not act within the designated time frame to surrender the policy. Thus, it is a necessary disclosure.
D) the policy can be returned during a free look period for a full refund.
This is a crucial consumer protection statement that informs seniors of their right to review the policy during the free look period. Hence, it is an essential part of the required disclosures.
Conclusion
Option B is the only choice that does not represent a legally mandated disclosure for life insurance policies sold to seniors in California. The other options provide necessary information that protects consumers and informs them of their rights, making them essential components of the policy documentation.