Informing Seniors -SIBOR-August 3, 2020

6 If you apply for insurance and are refused, you may ask your insurance company for a written explanation of the specific reason for the refusal or denial of insurance requested [CIC § 791.10]. Additionally under SIBOR, there are special protections related to certain insurance products. For Life, Annuity, Long-Term Care, & Medicare Supplement • Free Look Provisions - You may review a policy of Life, Annuity, Long-Term Care, or Medicare Supplement for 30 days after you receive the policy in order to decide whether you wish to keep the policy. If you return the policy to the company by the 30th day after receipt, you are entitled to a full refund of the premium paid, in a timely manner. Except, if you bought a variable annuity and you did not allocate all your money to a fixed interest account or money mar - ket fund, you will get back the “account value”, which may be less than a full refund. [CIC § 786 (a) & (b), 10127.7, 10127.8, 10127.10, 10232.7, and 10192.17(e)]. • Replacement Consequences - A “Replacement” occurs when the consumer cancels or surrenders his or her existing policy and purchases a new policy (i.e. Life, Annuity, Long- Term Care or Medicare Supplement). You must receive a full disclosure of all information relating to the benefits and possible negative consequences regarding this replacement. [CIC § 10509.914, 10509.4(d), 10509.2, 10192.18 (d), 10192.18 (e), and 10235.16].