Ohio Insurance Laws and Regulations Practice Exam

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Prepare for the Ohio Insurance Laws and Regulations Exam. Dive into essential topics with detailed practice questions designed to enhance your knowledge and readiness. Ace your exam and ensure your success in the insurance field!

Practice this question and more.

A life insurance policyowner is allowed ___ days upon policy delivery to return the policy for a full premium refund.

10 days
20 days
30 days
45 days

The correct answer is: 10 days

This is because most life insurance policies come with what is known as a "free look" period. This allows policyowners to review the terms and conditions of their policy and make changes or cancel without penalty within a certain period of time. The common length for this period is typically 10 days, which is why option A is the correct answer. Options B, C and D are all incorrect because they are longer than the typical free look period for life insurance policies.