State RegulationsOH specificDifficulty 2/5
An Ohio policyowner replaces an existing life policy with a new one. Under OAC 3901-6-05, the replacing insurer must give the owner notice of the right to return the new policy for an unconditional full refund within what period after delivery?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
OAC 3901-6-05 requires the replacing insurer to notify the owner of the right to return the policy within 30 days of delivery for an unconditional full refund, including policy fees and charges. Ohio's replacement free look is longer than the 10-day rescission for individual sickness and accident policies under ORC 3923.31, so candidates must match the period to the product.
Why the other options are wrong
- A) 10 days is the rescission period for an individual sickness and accident policy under ORC 3923.31, not the replacement free look.
- B) 20 days is not Ohio's replacement free-look period; OAC 3901-6-05 sets it at 30 days.
- D) 15 days is the viatical rescission period under ORC 3916.08, not the replacement free look.
Memory hook
Replacement free look: a full 30 days, fees included.