State RegulationsMA specificDifficulty 1/5
Under Massachusetts regulations for variable life insurance, what right to examine does a buyer of an individual variable life policy have?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
211 CMR 95.08, part of the Massachusetts Division of Insurance's variable life solicitation rules, gives the buyer of an individual variable life policy a right to examine the policy for 10 days and return it for a refund of premium. Massachusetts attaches free-look rights product by product rather than through one general rule, so the variable product's period must not be confused with the periods that apply to other transactions. The buyer's remedy during the window is simple: return the policy and receive the premium back.
Why the other options are wrong
- A) The right to examine exists specifically for variable life under 211 CMR 95.08; paying the first premium does not end it.
- B) The 20-day refund window is the Massachusetts right to examine for a replaced life policy or annuity under the replacement rules, not for variable life.
- D) The 30-day right to return belongs to Medicare supplement policies under 211 CMR 71.13, not to variable life insurance.
Memory hook
Variable life free look: ten days to change your mind about the market.