Insurance: life agents.

Existing law does not require an applicant for a life-only license or a life-only license limited to the payment of funeral and burial expenses, who is limited by the terms of a written agreement with an insurer that has filed on that life-only agent's behalf a notice of appointment with the commissioner to transact only specific life insurance policies or annuities having an initial face amount of $15,000 or less that are designated by the purchaser for the payment of funeral and burial expenses, to take the full life agent examination to obtain a license. This bill would raise the initial face value of those life insurance policies or annuities to $20,000 or less. Existing law requires licensed life agents and applicants for licensure as a life agent to meet certain education standards unless they are limited by the terms of a written agreement with an insurer to transact only specified life insurance policies or annuities having an initial face value of $15,000 or less that are designated by the purchaser for the payment of funeral and burial expenses. This bill would raise the initial face value of those life insurance policies or annuities to $20,000 or less.