Final answer:
The question refers to the free look period of a life insurance policy, typically ranging from 10 to 30 days, during which a policyholder can cancel the policy without penalty and get a full refund of premiums paid.
Step-by-step explanation:
The question 'How long does policy owner have to withdraw any representation made on application of life insurance?' is pertaining to the free look period that is commonly part of life insurance policies. This free look period is a duration during which a policyholder can review the terms and conditions of the policy after receiving it and has the option to cancel the policy without penalty. The specific length of this period can vary by jurisdiction and insurer, but typically ranges from 10 to 30 days from the date the policyholder receives the policy documents. If a policy owner decides to cancel the policy during the free look period, they are entitled to a full refund of any premiums paid. It's important for policyholders to use this time to ensure that all representations and information on their application are accurate and reflect their true intent.