Question
Sally, an aged 61 Californian, purchased a fixed annuity from MegaMutual. However, after thoroughly reading the contract, she decided to return it for cancellation. What is the minimum period she has during which she may return it for a full refund of her premium?
1. 10 days
2. No minimum period free-look applies to annuities
3. 60 days
4. 30 days
1. 10 days
2. No minimum period free-look applies to annuities
3. 60 days
4. 30 days
Answers
GPT-4o mini
In California, there is a minimum free-look period for fixed annuities, which is 30 days. Therefore, the correct answer is:
4. 30 days
4. 30 days