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.
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.
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.
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.