Which of the following is true about California’s life settlement broker license?

The renewal of a life settlement broker license in California does not occur annually; instead, it is typically renewed biennially. This means that brokers must remain compliant with the state's regulations and continue their education and practice standards, but they do not need to renew their licenses every year.

California mandates continuing education (CE) for life settlement brokers to ensure they are up-to-date with current laws, regulations, and industry practices. Thus, the claim of having no CE requirement is incorrect, as brokers must complete specific CE hours to maintain their licenses.

A life settlement broker does not have the authority to directly sell life insurance policies; rather, their role is to facilitate the sale of existing policies in the secondary market. Brokers assist policyholders in finding buyers for their policies but do not engage in the direct selling of new insurance products.