Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Common to Life and Health InsuranceMedium
A Florida resident applies for a life insurance policy and receives their policy on March 1st. The policy includes a 14-day free-look period. If the insured decides to return the policy for a full refund, by what date must the policy be delivered back to the insurer or postmarked?
- AMarch 17th
- BMarch 16th
- CMarch 15th
- DMarch 14th
Show answer & explanationAnswer & explanation
Correct answer: C. March 15th
The free-look period begins on the date the policy is delivered to the insured. A 14-day free-look period starting on March 1st means the insured has until the end of March 14th to return the policy. Therefore, it must be returned or postmarked by March 15th.
Why the other options are wrong
- A. This date is too late; it exceeds the free-look period.
- B. This date is too late; it exceeds the free-look period.
- D. This date represents the last day of the 14-day period, not the day it must be returned by.
Free-Look Period Calculation
The free-look period in Florida begins on the date the policy is delivered to the insured, and the policy must be returned or postmarked by the specified number of days (e.g., 14 or 30 days) after that delivery date.
- Starts on policy delivery date.
- Includes weekends and holidays.
- Must be returned or postmarked by the last day of the period.
Memory trick: Delivery starts the clock, return by the end of the last day for a full refund.