Which of the following is true about the 10 day free look period?
Asked by: Gwendolyn Beer | Last update: November 21, 2025Score: 4.4/5 (45 votes)
Which is true about the 10-day free look period?
The correct answer to the question of what is true about the 10-day free look and the life insurance policy is: The policy can be canceled within 10 days for a full refund. This means that after receiving the policy documents, the policyholder has a period of 10 days to review the policy details.
Which of the following is true about the mandatory 10-day free look?
Final answer: The mandatory 10-day free-look period in a life insurance policy allows the insured party to review the policy and decide whether to keep it or cancel it, receiving a full refund of the premium paid if they choose to cancel.
What is the 10-day free look policy?
The "free look" period is a legally mandated time during which policyholders can review and cancel their life insurance for a full refund of premiums paid. The free look period usually lasts 10 days, but this can change from state to state because each state has its own rules.
Which of the following applies to the 10-day free look privilege Quizlet?
which of the following applies to the 10-day free-look privilege? it permits the insured to return the policy for a full refund of premiums paid.
What Is The Minimum Free-Look Period For Newly Issued Life Insurance Policies In This State?
What applies to the 10 day free look privilege?
Final answer: The 10-day free-look privilege provides a 10-day period for the insured to cancel the policy and receive a full refund. It does not involve changes to beneficiaries, premium rates, or extension of coverage.
What statement best describes the free look provision quizlet?
What statement best describes the free look provision? It allows the insured to return the policy within 10 days for a full refund of premiums if dissatisfied for any reason.
What is the 10 day free look annuity?
You may cancel your contract within a short period (usually lasting at least 10 days) of receiving it without a surrender charge. Upon cancellation, you will typically receive a refund of your purchase payments.
What is the purpose of a free look period in insurance policies Quizlet?
The free look provision is a mandatory provision that allows the insured to examine a policy, and if dissatisfied for any reason, return the policy for a full refund of any premiums paid.
What is the free look period for Medicare supplement?
When you get your new Medigap policy, you have 30 days to decide if you want to keep it (called a 30-day free look period).
What is the primary purpose of the free look period?
The free look period is for the benefit of a policyholder. It provides additional time to review a new contract in depth. Policyholders might also ask their agent, lawyer, or company representative to review their policy's terms and conditions.
What is the free look period in real estate?
This period often includes time for the buyer to conduct due diligence on the property, but the provision makes it possible for the buyer to back out for any reason without penalty. The length of a free look period can vary based on what the seller will agree to, but Daniel F.
Which of the following statements is true about a policy assignment?
The correct statement about policy assignment is 'It transfers ownership of the policy. ' A policy assignment refers to the legal transfer of the rights and benefits of a policy from the current policyholder (assignor) to another party (assignee).
What happens after free look period?
The free look period is your final opportunity to evaluate an annuity and decide if it's the right investment for you. Otherwise, getting out of an annuity can be very difficult, if not impossible. Once the period expires, the annuity contract's terms and conditions take effect.
Which of the following is true about the mandatory free look period in a life insurance policy?
Final answer: The mandatory free look period in a life insurance policy commences when the policy is delivered, applies to all types of insurance policies and is not optional. It allows policy owners to terminate the policy without penalties within a certain timeframe.
How long for a progressive refund?
It could take a few weeks for Progressive to refund your money once the cancellation process is complete. The money could be sent as a mailed check, which may delay the process.
What is the free look period in insurance?
A free look period is a window in which you can cancel your insurance policy without paying for the surrender charges. Moreover, the insurance company refunds your first premium if you return the policy within the period. The free look cancellation period is usually up to 15 days of policy issuance.
What is the purpose of an acceptable use policy quizlet?
They are intended to ensure safe practices and appropriate behavour. The AUP would stress: the need for complex passwords, which are changed at agreed intervals: not leaving computers logged in unattended.
Which of the following describes the free look provision of the insurance contract?
Free Look Provision - A certain amount of time provided (usually between 10-30 days) to an insured in order to examine the insurance policy and if not satisfied, to return it to the company for a full refund.
What is the 10 day free look period?
The Free-Look Period is the period of time an insurance purchaser has to review the policy purchased, and if not satisfied, refuse coverage and receive a full premium refund. The free-look period for most states is 10 days.
What is the 10 year rule for annuities?
Beneficiaries of qualified annuities are subject to distribution requirements after the death of the owner. For distribution purposes, there are three categories of beneficiaries (designated, eligible designated, and non-designated.) Designated beneficiary's must take the full account value out by the tenth year.
What is the free look period for Prudential?
In the event that the policy is not suitable, the client may cancel the policy by making a written request to Prudential within the 21-day free look period.
What does free look mean in insurance?
The free look period provides policyholders with an opportunity to review their coverage and cancel if they are not satisfied with the policy terms of their insurance contract.
What does the free look provision allow for?
A free look period, or free look provision, gives you a chance at the beginning of your policy's term to cancel your life insurance for any reason with no penalty. All 50 states and Washington D.C. require free look periods, and the minimum length varies from 10 to 30 days depending on state law.
What is the primary purpose of the free look?
The "Free Look Period" is a consumer protection feature commonly found in insurance policies. It grants new policyholders a specific timeframe, usually ranging from 10 to 30 days, after purchasing a policy to thoroughly review its terms, conditions, and coverage.