What Is Free Look Period?
A mandatory period, usually 10-14 days, after policy delivery during which a customer may review the life insurance contract and cancel it for a full refund without penalty. This window protects consumers and allows them to reconsider their purchase.
Free Look Period across 2 exams
Free Look Period appears on the following exams. Each defines it in the context candidates are tested on:
- Life Insurance
- A mandatory period, usually 10-14 days, after policy delivery during which a customer may review the life insurance contract and cancel it for a full refund without penalty. This window protects consumers and allows them to reconsider their purchase.
- Life-Only Insurance
- A grace period, typically 10-14 days, during which a newly purchased policy can be returned for a full refund of premiums if the policyowner is not satisfied.