What marks the beginning of the 10-day free look period in a life insurance policy?

The beginning of the 10-day free look period in a life insurance policy is marked by the delivery of the policy. This period allows policyholders to review their policy after it has been received and decide whether to confirm their purchase or to cancel it for a full refund of premiums paid. By starting the free look period upon delivery, it ensures that the insured has had the opportunity to examine the terms, coverage, and other important details of the policy before committing to it permanently. This practice protects consumers and supports informed decision-making.

While applying for the policy, receiving approval, or making the payment are significant stages in the life insurance process, they do not trigger the free look period. The focus is on the delivery of the policy itself as that is when the insured actually begins to possess the document and can assess its content.