Illinois Life Producer State-designated Practice Exam

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How long does a policyholder have to review a life insurance policy and return it for a full refund?

15 days after delivery
5 days after delivery
30 days after delivery
10 days after delivery

The correct answer is: 10 days after delivery

The correct timeframe for a policyholder to review a life insurance policy and return it for a full refund is 10 days after delivery. This right, often referred to as the "free look" period, allows the policyholder the opportunity to carefully examine the policy and decide if it meets their needs. If the policyholder is not satisfied for any reason during this 10-day window, they can cancel the policy and receive a full refund of any premiums paid. This consumer protection measure is especially important in life insurance to ensure that individuals can make informed decisions without feeling pressured. The other options present different timeframes that do not align with the established regulations for life insurance policies in Illinois.