Connecticut Life & Health Insurance Practice Exam 2025 - Free Life & Health Insurance Practice Questions and Study Guide

Question: 1 / 400

During which period can an annuity contract be returned for a full refund?

Grace period

Free look period

The appropriate time frame for returning an annuity contract for a full refund is known as the free look period. This period is specifically designed to provide consumers with a chance to evaluate the terms of the annuity after purchasing it. They are typically allowed a set number of days—often 10 to 30—during which they can examine the policy and, if unsatisfied or if they change their mind, cancel the contract for a full refund of any premiums paid.

This provision ensures that consumers have the opportunity to fully understand the product they are committing to, without pressure or risk of financial loss if they decide it does not meet their needs or expectations. The other terms mentioned, such as the grace period, renewal period, and conversion period, do not involve a full refund of the contract and serve different purposes in the context of insurance policies and annuities.

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Renewal period

Conversion period

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