Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Specific to Life Insurance and AnnuitiesEasy
A Florida resident purchases a new individual life insurance policy. What is the minimum free-look period that must be provided to the policyholder?
- A15 days
- B10 days
- C5 days
- D20 days
Show answer & explanationAnswer & explanation
Correct answer: B. 10 days
Florida law mandates a minimum 10-day free-look period for individual life insurance policies, allowing the policyholder to return the policy for a full refund for any reason.
Why the other options are wrong
- A. This is incorrect; 15 days is not the standard minimum free-look period for individual life insurance in Florida.
- C. This is incorrect; 5 days is not the minimum free-look period for individual life insurance in Florida.
- D. This is incorrect; 20 days is not the minimum free-look period for individual life insurance in Florida.
Free-Look Period (Life Insurance)
A mandatory period after a life insurance policy is delivered during which the policyholder can review the policy and return it for a full refund for any reason without penalty.
- Mandated by state law
- Starts upon policy delivery
- Full refund of premiums paid
Memory trick: Ten days to ponder, then you're free to wander.