State RegulationsMI specificDifficulty 1/5
How long after delivery does a Michigan buyer of an individually purchased long-term care insurance policy have to return it for a full premium refund?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
M.C.L. 500.3943 gives Michigan long-term care insurance buyers, whether the policy was agent-sold or direct-response, 30 days after delivery to return the policy for a full premium refund. The notice of this right must appear on the first page of the policy and in the summary of coverage. The statute controls over any shorter free-look figure a consumer page may suggest.
Why the other options are wrong
- A) 10 days is a free-look length used for other products, but the Michigan LTC statute provides 30 days.
- B) 20 days is not the statutory LTC return period.
- D) 45 days doubles the actual right; the refund window is 30 days from delivery.
Memory hook
LTC free look: the statute says 30 days; do not settle for 10.