CA SB1405

Requires life insurance companies to refund all premiums and policy fees within 30 days from the date they are notified of policy cancellation for life insurance policies with face value under $10,000.

Mandates that policies include a printed notice allowing the owner to return the policy for cancellation within a period of 10-30 days as specified by the insurer.

Applies to all policies issued, amended, or delivered on or after January 1, 2011, with all existing policies in effect on that date construed to be in compliance.

Exempts credit transaction policies and policies issued under contractual policy change or conversion privilege provisions from these requirements.