A provision required in most states whereby policyowners have a period of time – usually, 10, 20 or 30 days, depending on the state – to examine their newly issued policy, and return it for a full refund of premium if not satisfied for any reason.
This is an amount of time, generally 30 days, in which a person has the opportunity of changing their mind and not purchasing an insurance policy they have paid for.
a protection which allows you to cancel coverage within 30 days after you receive your benefit booklet and receive a complete refund of any premium you paid.
The period of time after the delivery of an insurance policy when you can review the policy. If you change your mind about keeping the policy during this time period, you can canel the policy and get your initial premium back. Skip alphabetic navigation to G
An insurer's contractual obligation providing a number of days in which a new policy owner is allowed to refuse and return a newly issued policy. SBLI provides a 30 day free look period. The number of days begins upon the policy owner's receipt of the policy. All premiums paid are returned under the rescission right. All annuity products provide a 10 day free look period.
The period under which the contract can be cancelled and treated as void from the contract date.
By law, policyholders have a specified period of time to examine an insurance policy. If they are not satisfied, they have the right to return the policy and receive a full refund of the initial premium.
Period of time after an annuity contract or life policy is issued and delivered when the owner may cancel the policy or contract without penalty and receive either the initial payment or the current value of the annuity.
The right of an insured to examine an insurance policy for a stated period, often 10 days, and if not satisfied, to return the policy and receive a full refund of the initial premium.
The amount of time, usually 30 days, during which the policyowner may return the policy for any reason and receive a full refund of premiums paid.
Please see 10 Day Free Look.
An individual life insurance provision that grants the insured the right to rescind the insurance contract within a given period after the policy is actually delivered to the insured.
Time period after receipt of the policy during which a policyholder can cancel and get a full refund. In New York State this period is 30 days for long-term care insurance policies.
Under the laws of some states, a period (typically at least 10 days) during which time you may cancel the policy without penalty.
A period of up to one month during which the purchaser of an annuity can cancel the contract with no penalty. Rules vary by state.
Period of time after an annuity contract is issued and delivered, usually between 10 and 30 days, when the owner may cancel the contract and receive either their initial payment or the current value of the annuity contract.