Life License Qualification Program (LLQP) Practice Exam

When does Florida's 14-day free-look period for life insurance policies begin?

1. Date of delivery

2. Date of approval

3. Date of application

4. Date of physical examination

The correct answer is: Date of delivery

The correct answer is that the 14-day free-look period for life insurance policies in Florida begins on the date of delivery. This means that once the policyholder receives their life insurance policy, they have a full 14 days to review the terms and conditions and decide whether they want to keep it or return it for a full refund. This provision is in place to ensure that consumers have a chance to thoroughly evaluate their policies and make an informed decision without the pressure of immediate commitment. If they choose to cancel within this time frame, the insurance company is obligated to refund all premiums paid. Other potential starting points, such as the date of application or the date of approval, do not provide the policyholder with the necessary time to assess the actual policy because these dates occur prior to them receiving the physical document. Similarly, the date of physical examination is relevant for underwriting purposes but does not pertain to the consumer's ability to evaluate the policy. Therefore, only the date of delivery directly correlates with when the consumer begins their free-look period.