State RegulationsCO specificDifficulty 1/5
A life insurance policy is delivered to a policyholder in Aurora. Under C.R.S. § 10-7-302(1)(g), within how many days of delivery may the policyholder return the policy for a refund of premium?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
C.R.S. § 10-7-302(1)(g) gives the policyholder 15 days from delivery to return a life policy for a refund of premium, and the insurer must print that notice on the first page of the policy. The 10-day figure is not Colorado's life free look, and the 30-day free look belongs to Medicare supplement policies under C.R.S. § 10-18-107.
Why the other options are wrong
- A) Ten days is shorter than the statutory life free-look period of 15 days.
- B) Thirty days is the Medicare supplement free-look period under C.R.S. § 10-18-107, not the life policy free look.
- C) Forty-five days is not a Colorado free-look period for life policies.
Memory hook
Life free look = 15 days, printed on the first page.