30-Day Free Look
Insurance policies and certificates offered for sale to individuals age 65 or older in California must provide a 30-day examination period after which the applicant may return the contract.
- The return voids the policy from the beginning, and the parties must be in the same position as if no contract had been issued.
- Premiums or fees paid will be fully refunded to the applicant no later than 30 days after the issuer receives the returned policy.
- If the issuer fails to refund all of the premiums in a timely manner, the applicant will receive interest paid from the date the insurer received the returned policy.
- Each policy shall have a notice prominently printed in no less than 10-point uppercase type, on the cover page of the policy and the outline of coverage, stating that the applicant has the right to return the policy within 30 days after its receipt via regular mail, and to have the full premium refunded.
- Every individual life insurance policy and every individual annuity contract issued or delivered to senior citizens in California on and after July 1, 2004, must have a notice stating that, after receipt of the policy by the owner, the policy may be returned by the owner for cancellation by delivering it or mailing it to the insurer or agent from whom it was purchased. The period of time, clearly stated on the notice, shall be not less than 30 days. The insured may return the policy to the insurer by mail or otherwise at any time during the period specified in the notice.
Back to Top | Next
Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.
