A California producer sells an individual annuity to a 62-year-old client. How long does the client have to return the annuity contract for a full premium refund?

Why this is the answer

California uses 60 (not 65) as the trigger age for the extended life-and-annuity free-look. The refund must be full premium paid, not reduced by surrender charges — that is the key consumer protection distinction from the standard 10-day window. Choice (b) is wrong because it reduces the refund. Choice (c) measures from the wrong event (application, not delivery). There is no 'exchange-only' right (d) — return is mandatory. For variable annuities, the refund is the account value plus any sales charges as of the date of return (so investment loss risk shifts to the buyer until they return it).