State RegulationsIL specificDifficulty 1/5
An Illinois resident buys a newly issued individual life insurance policy and changes her mind. Under 215 ILCS 5/224, what free-look period must the policy give her for a full refund?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
215 ILCS 5/224(1)(n) requires newly issued individual life policies to carry a front-page notice and a 10-day free look, and the Illinois Department of Insurance form-review checklists confirm the keyed figure. If the policyowner returns the policy within the 10 days, the insurer refunds everything paid, so the buyer can exit the sale at no cost.
Why the other options are wrong
- A) 5 days matches no Illinois life free-look period and is far shorter than the statutory window.
- C) 20 days is associated with replacement transactions under the replacement regulation, not the standard new-policy free look keyed at 10 days under 215 ILCS 5/224(1)(n).
- D) 30 days is the free look for Medicare supplement policies, a different product regime from individual life.
Memory hook
New life policy: 10 days to change your mind, full refund.