Question

An insured decides to replace his life insurance policy with one offered by a new insurer. After receiving the policy, he is unsatisfied with the provisions and decides to return it. Within how many days must he return the policy in order to receive a full premium refund?

Answer 1

The insured has 10 days to return the new life insurance policy and receive a full premium refund during the free look period.

Step-by-step explanation:

The insured has the right to return the new life insurance policy within 10 days in order to receive a full premium refund. This provision is known as the free look period. During this time, the insured can review the policy and if they are unsatisfied with it, they can cancel it and receive a full refund of the premium they paid.

The free look period is a consumer protection measure that allows policyholders to make an informed decision about their insurance coverage. It gives them the opportunity to carefully consider the terms, conditions, and benefits of the policy before committing to it.

It is important to note that the length of the free look period may vary depending on the insurance company and the jurisdiction. Some states may have specific regulations that extend the free look period to a longer duration.