Ohio Insurance Laws and Regulations Practice Exam

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Prepare for the Ohio Insurance Laws Exam. Study with comprehensive materials, including flashcards and quizzes. Each question is detailed with explanations. Set yourself up for success!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

A life insurance policyowner is allowed ___ days upon policy delivery to return the policy for a full premium refund.

10 days
20 days
30 days
45 days

The correct answer is: 10 days

This is because most life insurance policies come with what is known as a "free look" period. This allows policyowners to review the terms and conditions of their policy and make changes or cancel without penalty within a certain period of time. The common length for this period is typically 10 days, which is why option A is the correct answer. Options B, C and D are all incorrect because they are longer than the typical free look period for life insurance policies.