Texas General Lines — Life, Accident, Health and HMOGeneral InsuranceEasy
A Texas resident purchases a new individual health insurance policy. According to Texas insurance regulations, how long is the 'free-look' period for individual health insurance policies, during which the policyowner can return the policy for a full refund?
- A31 days
- B20 days
- C45 days
- D10 days
Show answer & explanationAnswer & explanation
Correct answer: D. 10 days
In Texas, the 'free-look' period for individual health insurance policies is 10 days. This allows the policyowner to review the policy and return it for a full refund if they are not satisfied for any reason.
Why the other options are wrong
- A. 31 days is often associated with the grace period for premium payments or conversion periods, not the free-look.
- B. 20 days is incorrect; some policies may have longer periods, but 10 is standard.
- C. 45 days is incorrect; this is typically not a free-look period in Texas for individual health policies.
Free-Look Period (Health - TX)
A period, typically 10 days in Texas for individual health policies, during which a new policyholder can review the policy and return it for a full refund if not satisfied.
- Starts upon policy delivery.
- Allows for full refund of premiums paid.
- Purpose is consumer protection and review.
Memory trick: Health: A quick 10-day peek.