Indiana State Life and Health Insurance Practice Exam

The free-look period of life insurance policies issued in Indiana is how many days?

1. 10

2. 14

3. 30

4. 45

The correct answer is: 10

The free-look period for life insurance policies issued in Indiana is 10 days. During this time, policyholders have the opportunity to review their insurance policy after it has been issued. If they find that the policy does not meet their needs or if they simply change their mind, they can cancel the policy for a full refund of any premiums paid. This consumer protection feature is important as it allows individuals to make informed decisions about their insurance coverage without the pressure of immediate commitment. While longer periods like 14, 30, or 45 days might seem appealing for consumer protection, Indiana law specifically stipulates a 10-day window for the free-look provision for life insurance policies, aligning with the minimum standards aimed at balancing consumer rights with the insurance provider's needs. This ensures both parties can operate within a reasonable timeframe.