The correct answer is: B. Date of receipt of policy bond.
A free look period is a period of time, usually 14 days, during which you can cancel your life insurance policy and receive a full refund of your premium. The free look period begins on the date you receive your policy bond.
The policy bond is a document that outlines the terms and conditions of your life insurance policy. It is important to read the policy bond carefully before you decide to cancel your policy.
If you decide to cancel your policy during the free look period, you must notify your insurance company in writing. You will usually be required to return the policy bond and any other documents that you received from your insurance company.
Your insurance company will then refund your premium within a few weeks.
Here is a brief explanation of each option:
- Option A: Date of commencement. This is the date on which your life insurance policy takes effect. However, the free look period does not begin until you receive your policy bond.
- Option B: Date of receipt of policy bond. This is the date on which you receive your policy bond. The free look period begins on this date.
- Option C: Date of FPR. This is the date on which the free look period ends. The free look period is usually 14 days, but it may be longer or shorter depending on the terms of your policy.
- Option D: Any time. This is not an option. The free look period only begins on the date you receive your policy bond.