State RegulationsFL specificDifficulty 3/5
A Florida consumer buys a Medicare supplement policy and decides to cancel it. When does her free-look period run, and what does the insurer owe?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under Fla. Stat. 627.674(4)(d), a Medicare supplement policy must include a free-look period of 30 days from the consumer's receipt of the policy, during which the full premium is refunded upon cancellation, and the policy must carry a prominent no-loss cancellation clause. The trigger is receipt, not delivery - a deliberate distinction from long-term care policies, whose free look runs from delivery under Fla. Stat. 627.9407(8).
Why the other options are wrong
- A) Delivery is the trigger for the long-term care free look; Medicare supplement measures its 30 days from receipt.
- C) Fourteen days belongs to the ordinary life Buyer's Guide delivery condition, not Medicare supplement.
- D) Twenty-one days is the annuity refund period, not the Medicare supplement free look.
Memory hook
Med Supp: 30 from receipt; LTC: 30 from delivery.