Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Specific to Life Insurance and AnnuitiesHard
A Florida resident purchases a Medicare Supplement policy. According to Florida's 'free-look' provision for Medicare Supplement policies, what is the minimum duration during which the policyowner can return the policy for a full refund?
- A10 days
- B20 days
- C60 days
- D30 days
Show answer & explanationAnswer & explanation
Correct answer: D. 30 days
Florida law, in alignment with federal standards for Medicare Supplement policies, mandates a 30-day free-look period. This allows the policyowner to review the policy and return it for a full refund if dissatisfied.
Why the other options are wrong
- A. 10 days is a common free-look period for some other types of policies, but not Medicare Supplement.
- B. 20 days is not a standard free-look period for Medicare Supplement policies in Florida.
- C. 60 days is longer than the required free-look period for Medicare Supplement policies.
Medicare Supplement Free-Look Period (FL)
In Florida, Medicare Supplement policies are subject to a mandatory 30-day free-look period, allowing the policyowner to return the policy for a full refund of premiums.
- Applies to Medicare Supplement policies
- 30-day duration
- Starts from policy delivery date
- Full premium refund
Memory trick: Medicare Supplement: You get a full '30' days to 'SEE' if it's right for you!