Insurance Law
Free Look Period (Insurance)
A short window after purchasing a life insurance policy during which the policyholder can review the terms and cancel it for a refund if unsatisfied.
The free look period gives policyholders a genuine opportunity to review the actual policy document — which can differ from what was verbally represented at the point of sale — and exit with a refund (subject to specified deductions) if the terms aren't as expected.
This is an important safeguard against mis-selling, a recurring source of insurance-related consumer complaints.
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