Paul J. Winn – California Variable Life Insurance Policies

California Variable Life Insurance Policies

This course will explain that California Senate Bill, SB 263, adds Section 1749.81 to the California Insurance Code. Insurance Code section 1749.81, subdivision (b) states: “A life agent who sells variable life insurance policies shall satisfactorily complete two hours of training before each license renewal. Completion of the four-hour annuity training required by Section 1749.8 does not satisfy the training required by this section. This training is in addition to, and is not a part of, the annuity training required by subdivision (b) of Section 1749.8. For resident licensees, this requirement shall count toward the licensee’s continuing education requirement, but may still result in completing more than the minimum number of continuing education hours set forth in this section.” Section 1749.81 becomes operative January 1, 2025, and applies to licenses that are issued or renewed on or after January 1, 2025.

Learning Objectives
At the conclusion of this two-hour course, the student should be able to:

• Identify and describe the key characteristics of individual variable life insurance;
• Describe and discuss individual variable life insurance policy requirements;
• Describe the individual variable life insurance mandatory cover page disclosures;
• Describe the reason for an insurer’s imposition of a surrender charge;
• Describe the requirements of Regulation Best Interest;
• Identify the suitability requirements imposed when recommending and selling variable
  life insurance; and
• Recognize the requirements of and best practices applicable to selling variable life
  insurance online.