Final Answer:
The policyholder typically has 14 days to return an Accident/Health Insurance Policy and receive a full refund on premiums during the "free look" period for reviewing terms and conditions post-purchase.
So, b) 14 days is correct.
Step-by-step explanation:
In Accident/Health Insurance, the policyholder typically has 14 days to return the policy and receive a full refund on premiums. This period is known as the "free look" period, designed to allow policyholders to review the terms and conditions after purchase. During these 14 days, the policyholder can cancel the policy without incurring any penalties or fees.
During this timeframe, individuals can thoroughly examine the policy, seek expert advice, and ensure it meets their needs. This provision offers a level of protection, allowing customers a window of time to reconsider their decision. It's crucial for policyholders to be aware of this grace period as it varies across insurance types and jurisdictions.
Understanding this duration is vital to make informed decisions about insurance coverage.
The 14-day duration is calculated from the date of receipt of the policy documents by the policyholder. If the policyholder decides to return the policy within this timeframe, the insurer must refund the premiums paid in full.
This period serves as a consumer safeguard, granting ample time for individuals to evaluate their insurance purchase and make alterations if necessary without financial repercussions.