State RegulationsMI specificDifficulty 1/5
A resident of Dearborn buys an individual accident and health policy and then changes her mind. Under M.C.L. 500.3409, within how many days after receiving the policy may she return it for a full refund?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
M.C.L. 500.3409 gives the insured a 10-day right to examine an individual accident and health policy from the date of receipt. If the policy is returned within that period, it is void from the beginning and the premium, including any policy fee, is promptly refunded; the front page of the policy must carry the notice of this right.
Why the other options are wrong
- A: 5 days is the advance-notice period for an insurer's intent not to renew a renewable policy.
- C: 20 days is the notice-of-claim period, not the free-look period.
- D: 31 days is the grace period for premium modes other than weekly and monthly.
Memory hook
10 days to look, 10 days to walk.