Which life insurance policy provision allows a policyowner to cancel the policy and receive a full refund within a limited period after policy delivery?

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19-08-2022
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Which life insurance policy provision allows a policyowner to cancel the policy and receive a full refund within a limited period after policy delivery?

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Tutorconsortium338 Tutorconsortium338 · Answer 1 · 2022-08-27T18:37:10+02:00

The free-look period life insurance policy clause enables the policyowner to cancel the policy and obtain a full refund within a specific time after the policy is delivered.

Free-look window:

The mandatory free look period is the time frame within which a new owner of a life insurance policy may cancel the policy without incurring any fees, such as surrender charges.

Based on the insurer, a free look period frequently lasts 10 or more days.

A 30-day free-look period: What is it?

We have 30 days to review and return the policy to the insurance provider from the day you receive it.

Any cause is acceptable for a return. Return it to the insurance provider, the agency, producer, or the location where it was purchased.

To Learn more about Free-look period, Click the Links.

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