Which of the following statements about resident life-only agent licensing is incorrect?

The statement regarding the requirement for licensees to have an in-state residential address is accurate in many licensing contexts. However, when considered specifically in relation to life-only agent licensing within California, it is vital to understand that while having a residential address is typically a requirement, California law allows for flexibility in certain circumstances, such as the potential for having a business address or alternate arrangements.

This means that while address residency can be a factor in the licensing process, it does not autonomously imply that an individual must possess an in-state residential address to maintain their license, illustrating the nuanced understanding required of local regulations.

The other statements reflect more definitive licensing requirements or legal interpretations within the California insurance regulatory framework. For example, being obligated to update a change of address within a specified period is a standard requirement, and loss of a prior license can indeed impact new applications. Additionally, a plea of nolo contendere (no contest) is usually treated as a conviction for licensing purposes, which affects a licensee's eligibility.