What is the Definition of Free-Look Period?

What is the Definition of Free-Look Period?

A period of up to one month during which the purchaser of an annuity can cancel the contract with no penalty. Rules vary by state.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Free-Look Period?

What is the Definition of Free-Look Period?

You can find random definition and meaning of insurance terms below:


Meaning of Pay-At-The-Pump in Insurance Terms

A system proposed in the 1990s in which auto insurance premiums would be paid to state governments through a per-gallon surcharge on gasoline.


Meaning of Pay-As-You-Drive (Payd) in Insurance Terms

An auto insurance product whose pricing takes into account the number of miles driven by the policyholder.


Meaning of Payout Options in Insurance Terms

The methods available to an annuity contract owner for the distribution of the annuity’s accumulated value. (1) The lump sum distribution method allows the contract owner to receive the balance of his account in a single payment. (2) The fixed period option provides that the annuity’s accumulated value will be paid out over a specified period of time. (3) The fixedamount option provides that the annuity’s accumulated value will be paid out in a pre-selected payment amount until the accumulated value is exhausted. (4) A life annuity option provides that periodic income payments will be tied in some manner to the life expectancy of a named individual. (See Life annuity)


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