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.

Within how many days after policy delivery can both Medicare supplement and long-term care policies be returned for a 100% premium refund?

30 days
20 days
45 days
60 days

The correct answer is: 30 days

It is important for individuals to carefully review their insurance policies upon being delivered to make sure they meet their needs and expectations. If any concerns arise, it is important to take advantage of the "free-look" period, which allows policyholders to return their policy and receive a full premium refund. This period is typically within 30 days after policy delivery for both Medicare supplement and long-term care policies. Options B, C, and D are incorrect because they do not fall within the 30-day window. It is important to note that this free-look period may vary by state and insurance company, so it is important to review the specific policy and state regulations.