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 within the free-look period. What is the minimum free-look period for life insurance policies in Texas?
- A30 days
- B10 days
- C7 days
- D20 days
Show answer & explanationAnswer & explanation
Correct answer: B. 10 days
Texas law mandates a minimum 10-day free-look period for life insurance policies. This allows policyholders to review the policy and return it for a full refund if they change their mind.
Why the other options are wrong
- A. This is incorrect; 30 days is common for replacement policies, but 10 days is the general minimum.
- C. This is incorrect; 7 days is not the standard free-look period for life insurance.
- D. This is incorrect; 20 days is not the standard minimum.
Life Insurance Free-Look Period
A period of time, mandated by state law, during which a new life insurance policyholder can review the policy and return it for a full refund of premiums paid.
- Starts from the date the policy is delivered to the policyholder.
- Allows for a full refund of premiums.
- Intended for consumer protection and review.
Memory trick: Ten days to look, then decide, no hook.