State RegulationsCO specificDifficulty 1/5
A Colorado policyholder receives her Medicare supplement policy and decides it does not fit her needs. Within how many days after delivery may she return the policy for a full refund of premium?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under C.R.S. § 10-18-107, every Medicare supplement policy and certificate delivered in Colorado must carry a first-page notice that the policyholder or certificate holder may return it within 30 days after delivery for a full refund of premium. This 30-day Medicare supplement free look is Colorado law and is intentionally longer than the free look for ordinary life policies, so producers must never quote the life figure on a supplement sale.
Why the other options are wrong
- A) 15 days is the free-look period for individual life insurance policies under C.R.S. § 10-7-302(1)(g), not for Medicare supplement coverage.
- C) 45 days is the payment deadline for clean paper-submitted health claims under C.R.S. § 10-16-106.5; it has no role in the Medicare supplement return right.
- D) 60 days is associated with nonforfeiture elections under Colorado life insurance law, not with returning a Medicare supplement policy.
Memory hook
Medicare supplement = 30 days to return it, full refund — double the life policy's 15.