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      Question

      A period of up to one month during which the purchaser

      of an annuity can cancel the contract without penalty is known as?
      A Lock Period Correct Answer Incorrect Answer
      B Demutualization Correct Answer Incorrect Answer
      C Annuitization Correct Answer Incorrect Answer
      D Free Lock Period Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      A free look period is a period of time in which a new life insurance policy owner can terminate the policy without penalties, such as surrender charges. A free look period often lasts 10 or more days (depending on the insurer), allowing the contract holder to decide whether or not to keep it; if he or she is not satisfied and wishes to cancel, the policy purchaser can receive a full refund.

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