Illinois Life Producer State-designated Practice Exam

In Illinois, the free look period begins with which signed document?

1. Application form

2. Policy contract

3. Delivery receipt

4. Coverage summary

The correct answer is: Delivery receipt

In Illinois, the free look period begins with the delivery receipt. The free look period is a provision that allows policyholders a specified number of days after receiving their insurance policy to review the terms and decide whether to keep the coverage or cancel it for a full refund. The delivery receipt serves as an official document indicating that the policy has been delivered to the insured, and it marks the start of the free look period. This is significant because it acknowledges that the insured has received the policy and is now entitled to review it before making a final decision on the purchase. In contrast, the application form is what the applicant fills out to apply for insurance, and it does not initiate the free look period. The policy contract contains the actual coverage details but does not invalidate or establish the beginning of the free look period upon its signing. A coverage summary provides a brief overview of the policy but lacks the definitive status that the delivery receipt provides regarding the start of the free look period.