What is the duration of the "free look period" during which a customer can terminate a policy for a refund?

The "free look period" for insurance policies allows customers to review their policy after its issuance and provides them the opportunity to terminate the policy for a full refund within a specified timeframe. In many states and under various regulations, this duration is typically set at 15 days, giving customers sufficient time to reconsider their decision without any financial penalty. During this period, they can assess the policy terms and conditions, ensuring that it aligns with their needs and expectations.

This helps to increase consumer confidence and satisfaction, as they are not locked into a decision that they may later regret. Other durations, such as 7, 10, or 30 days, may not align with regulatory guidelines that establish a standard 15-day free look period for many types of policies, particularly in the context of health insurance or individual market plans. Thus, the answer choice reflecting a 15-day period is accurate and consistent with these regulations.