A 45-year-old California applicant receives a newly issued life insurance policy that replaces an existing policy. How many days does the applicant have to examine and return the replacement contract for a full refund?

Why this is the answer

California stacks free-look rules: the baseline is 10 days for individual life (§ 10127.9); seniors 60+ get 30 days (§ 10127.10); and ALL replacement contracts get 30 days (§ 10509.6). Because the stem says the new policy replaces an existing policy, the 30-day rule controls even though the applicant is only 45. Choice (b) is the non-replacement default. Choice (c) confuses the existing insurer's 20-day window to furnish a policy summary. Choice (d) is not a CA window.