PSI Ohio Insurance Practice Exam

Question: 1 / 400

Under the Free Look Provision, an insured can cancel a policy and receive a full refund within how many days?

5 days

10 days

The Free Look Provision allows an insured individual to review their insurance policy after it has been issued. Under this provision, the insured has a specified period to cancel the policy without penalty, allowing them to fully consider their purchase and ensure that it meets their needs. In Ohio, this period is commonly 10 days, which provides a reasonable timeframe for the policyholder to assess the terms of the policy, understand the coverage, and determine if it aligns with their expectations. If the policyholder decides to cancel within this 10-day period, they are entitled to a full refund of any premium paid, making it a consumer-friendly feature designed to enhance trust and satisfaction in the insurance purchase process. This provision demonstrates the importance of giving consumers the opportunity to make informed decisions about their insurance needs.

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15 days

30 days

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