Explanation: A survivorship life policy, also known as a second-to-die policy, pays the death benefit only upon the death of the second insured. This contrasts with a joint life policy, which pays on the first death. A family policy typically covers multiple family members with benefits payable on any covered death. A limited payment whole life policy is for a single life and has a limited premium payment period, not related to multiple lives.

Explanation: Consideration in a contract requires that each party provides something of value, but the law does not require that the consideration be of equal value. The key is that there is a bargained-for exchange, not that the values are equivalent. The other options are fundamental elements of a valid contract: legality, competency, and offer and acceptance.

Explanation: The Commissioner can disapprove a fictitious name if it is misleading, too similar to an existing name, or implies the licensee is an insurer/underwriter. However, a licensee is generally permitted to use their own actual name without seeking approval for a fictitious name, making this the exception.

Explanation: A second-to-die policy (survivorship life) is designed to pay a benefit only upon the death of the second insured. This is ideal for situations where the financial need arises after both individuals are deceased, such as providing for a dependent child after both parents have passed away. A first-to-die policy pays on the first death, which is not the primary concern here. Juvenile and family protection policies do not specifically address this two-life dependency scenario.

Explanation: Section 1729.2 of the California Insurance Code mandates timely reporting of background changes. Failure to comply can result in severe penalties, including the denial of an application, suspension of an existing license, or even revocation of the license. The option 'All of the above' correctly encompasses these potential disciplinary actions.