Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Common to Life and Health InsuranceMedium
A Florida insured cancels their individual health insurance policy during the free-look period. How many days does the insurer have to refund any premiums paid by the insured?
- A5 days
- B30 days
- C10 days
- D15 days
Show answer & explanationAnswer & explanation
Correct answer: C. 10 days
In Florida, if an individual health insurance policy is cancelled during the free-look period, the insurer must refund any premiums paid within 10 days of receiving the cancellation request. This ensures prompt return of funds to the consumer.
Why the other options are wrong
- A. This timeframe is too short for premium refunds in this context.
- B. This timeframe is too long for free-look premium refunds.
- D. This timeframe is incorrect for free-look premium refunds.
Free-Look Refund Period
The timeframe within which an insurer must refund premiums after a policy is returned during the free-look period.
- Applies to individual life, health, and annuity policies.
- Typically 10 days in Florida for health policies.
- Insured receives a full refund of all premiums paid.
Memory trick: Ten days to pay back, no delays on the track.