10-Day Insurance Contract Rescission Right
Release Date: 09/30/2009 Staff Reference: Margaret CampbellGuideline G10
This Guideline calls for a 10-day “free look” in the case of individual life insurance contracts and individual accident and sickness insurance contracts. More specifically, and subject to section 7 below, this Guideline calls on insurers to provide a 10-day “free look” for a purchaser of an individual life insurance or accident and sickness insurance contract to allow him or her time to review the policy to confirm that it is consistent with what was expected when he or she applied for the policy. If the purchaser is not satisfied, this Guideline calls on insurers to allow the purchaser to cancel the contract within the time provided for a refund of premiums paid.
