Free Look Period
A period of time, typically 10 to 30 days after receiving the policy documents, during which the policyholder can review the policy and return it for a full refund if they are not satisfied.
Detailed Explanation
This allows the policyholder to ensure the policy meets their needs before fully committing.
Practical Example
Mark received his new life insurance policy documents in the mail. He took advantage of the 30-day free look period to carefully review the terms and conditions before deciding to keep the policy.
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