State RegulationsMI specificDifficulty 1/5
Under Michigan law, how long after delivery does the policyowner of an individual long-term care policy have the right to return the policy for a full premium refund?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Michigan's right-to-return statute for long-term care policies (M.C.L. 500.3943, within M.C.L. 500.3901 to 500.3955) gives the policyowner 30 days after delivery to return the policy for a full premium refund. Note that the statute controls: although some consumer guidance materials describe a shorter free-look window, the statutory return period keyed for Michigan long-term care policies is 30 days, and the right must be disclosed with the policy.
Why the other options are wrong
- A) A 10-day window is the kind of shorter free-look figure that appears in some consumer materials but is not the Michigan statutory return period for long-term care policies.
- C) A 45-day return period is not part of Michigan's long-term care return right.
- D) A 60-day return period is not part of Michigan's long-term care return right.
Memory hook
LTC return right in Michigan: a full month, 30 days, to hand it back.