Final answer:
The claim that there is a 10-day free look period for Medigap plans is incorrect. The actual free look period for Medigap policies is 30 days, where the policyholder can cancel without penalty and receive a full refund.
Step-by-step explanation:
The statement "There is a 10-day free look period for Medigap plans" is false. The free look period for Medigap (also known as Medicare Supplement Insurance) plans is actually 30 days. This period starts from the day the policyholder receives their Medigap policy. During this 30-day window, the policyholder has the right to cancel the policy without any penalties and receive a full refund. This provision is designed to give consumers enough time to review the plan and decide if it's suitable for their needs. However, it's always encouraged to review your Medigap plan details carefully before making a decision, as policy specifics can vary by state and insurance provider.