Final answer:
The policyholder has a right to a "Free Look" period to return a life insurance policy for a full refund, which is typically between 10 to 30 days. The correct answer for the return period provided by the replacing insurer for a life insurance policy is 30 days option (d).
Step-by-step explanation:
The question pertains to the provisions in life insurance policies that address the policyholder's right to return the policy. When a life insurance policy is issued or replaced, there is a "Free Look" period during which the policyholder can cancel the policy and receive a full refund.
The correct answer to the question 'The replacing insurer must allow the owner of the life insurance policy to return the policy within after delivery for a full refund' is D) 30 days. This period can vary by state and company policy but is typically 10 to 30 days, with many insurers and jurisdictions opting for a 30-day free look period.