State RegulationsFL specificDifficulty 2/5
A Jacksonville couple purchases a long-term care insurance policy. For how long after delivery may they return it for a refund of the premium?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under Fla. Stat. 627.9407(8), a long-term care policy must give the policyowner a free-look period of 30 days after delivery, during which the premium is refunded upon return of the policy. This consumer protection lets buyers reconsider a substantial LTC purchase; the 21-day and 14-day periods belong to annuities and ordinary life respectively.
Why the other options are wrong
- A) The 21-day unconditional refund applies to annuity contracts, not long-term care policies.
- B) Fourteen days is the ordinary life Buyer's Guide delivery condition, not the LTC free look.
- C) The 6-month period is the preexisting-conditions lookback for LTC and Medicare supplement, not a cancellation window.
Memory hook
LTC: 30 days after delivery, money back.