Texas General Lines — Life, Accident, Health and HMOTexas Statutes and Rules Common to Life, Accident, Health and HMOMedium
A life insurance policy is issued in Texas, and the policyholder decides to return it during the free-look period. What is the maximum number of days for this free-look period for a life insurance policy in Texas?
- A7 days.
- B10 days.
- C20 days.
- D30 days.
Show answer & explanationAnswer & explanation
Correct answer: B. 10 days.
For most newly issued life insurance policies in Texas, the free-look (or right to examine) period is 10 days. This allows the policyholder to review the policy and return it for a full refund if dissatisfied.
Why the other options are wrong
- A. 7 days is typically for property and casualty or specific health policies, not standard life.
- C. 20 days is incorrect; it's longer than the standard period.
- D. 30 days is common for Medicare Supplement or long-term care policies, but not general life insurance.
Life Insurance Free-Look Period
A mandatory period following the delivery of a new life insurance policy during which the policyholder can review the policy and return it for a full refund.
- Also known as 'Right to Examine'.
- Typically 10 days for life insurance in Texas.
- Ensures consumer satisfaction and understanding.
Memory trick: Life policies give you TEN days to look and return.