The correct answer is B. 10 days.
A free look period is a period of time, usually 10 days, during which you can cancel your term insurance policy and receive a full refund of the premium you paid. This is a good way to make sure that you are comfortable with the terms of your policy before you commit to it.
If you decide to cancel your policy during the free look period, you will need to contact your insurance company and provide them with a written request. They will then refund your premium, minus any administrative fees.
It is important to note that the free look period does not apply to other types of insurance policies, such as whole life insurance or universal life insurance. These policies typically have a longer surrender period, during which you can cancel the policy but will not receive a full refund of the premium.
Here is a brief explanation of each option:
- Option A: 5 days. This is the shortest possible free look period that is allowed by law. Some insurance companies may offer a shorter free look period, but this is not required.
- Option B: 10 days. This is the most common free look period offered by insurance companies.
- Option C: 15 days. This is a longer free look period that is offered by some insurance companies.
- Option D: 20 days. This is the longest free look period that is offered by insurance companies.