After an insurance policy is issued to you, you have a certain period of time (usually 30 days) during which you can change your mind and cancel the policy for any reason whatsoever. This is often called a "free-look period." If you cancel your policy during the free-look period, your premiums will be refunded in full, and no claims will be paid. (This type of cancellation is treated as though your policy never took effect.)
A fixed number of days, generally 10, during which you may cancel an annuity contract such as Vanguard's Variable Annuity Plan.
A period during which the applicant has the right to examine the insurance policy/certificate (generally within 10-30 days after the date of receipt) and to cancel the coverage if not satisfied for any reason. Any premium paid during that period is returned and the coverage is considered never to have been in effect.
a protection included in many long-term care insurance policies, which allows you to cancel coverage within 30 days after you receive your policy and receive a complete refund of any premium you paid.
The period after the owner receives the annuity contract in which the contract can be cancelled and treated as void from the contract date.
The time period allowed a new insured to look over the terms and conditions of the final policy after delivery, during which the insured may cancel the policy with a full premium refund. The free-look period is often 10 days after delivery of the policy for life and health, or up to 30 days on property and liability.
Time during which the policyholder may return the policy if he/she is not completely satisfied and receive a complete refund. The customary length of time for a "free look" is 30 days for policies purchased through the mail and 10 days for those purchased from an agent. eneral Agent: In the legal sense, an agent who has the authority to bind the insurance company on a risk. In life insurance marketing, the term refers to an entrepreneur who is granted a franchise by an insurer to build an agency force for the marketing of the insurer's products in a given geographic area.
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.
typically a 10 day period where a newly insured policyholder can cancel a policy and receive a full refund of the premium.
Once you buy a policy, most states allow you up 30 days to return your policy. Make sure to get written proof of this option when you receive your policy
A certain number of days after receipt of the contract during which an annuity contract purchaser may revoke the purchase of the contract.
All states require a "free-look" period during which you can cancel your insurance or annuity contract and get a full refund. States' rules vary, so check with your financial professional for details.
A provision which allows the insured to return a policy to the company within 30 days of issue for a full refund. This protection is included in the FLTCIP.
After purchasing a policy, you usually have 30 days to review it. You may cancel the policy for a full refund during this time.
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.