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    Question

    What is the term called in insurance in which a policy

    holder can terminate or stop a new policy within 15 - 30 days of the policy started?
    A Grace Period Correct Answer Incorrect Answer
    B Free Look Period Correct Answer Incorrect Answer
    C Revival Period Correct Answer Incorrect Answer
    D Premium Period Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    In the free look period, If you are not comfortable with the terms and conditions, you can return the policy within 15- 30 days period. The insurance company after deducting the expenses incurred on medical examination, stamp duty charges and other charges will refund the remaining premium and without paying any surrender charges and you will receive a refund for the amount you paid.

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