State RegulationsOH specificDifficulty 2/5
An Ohio life policy and its policy summary contain an unconditional refund provision of at least 10 days. Under Ohio's buyer's guide and policy summary rules, when may the buyer's guide and policy summary be delivered for this sale?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
OAC 3901-6-03(E) requires the buyer's guide and policy summary to be provided prior to accepting the applicant's initial premium or premium deposit, but creates an exception: if the policy or policy summary contains an unconditional refund provision of at least 10 days, the buyer's guide and policy summary may instead be delivered with or prior to delivery of the policy. The refund right protects the applicant during the extended delivery window.
Why the other options are wrong
- A) That is the general default timing rule; the question asks about the exception for policies with an unconditional refund provision of at least 10 days.
- B) 30 days is the free-look period for replacements under OAC 3901-6-05; it is not the delivery window for the buyer's guide and policy summary.
- D) First renewal is far too late — the disclosure must accompany or precede policy delivery under OAC 3901-6-03(E).
Memory hook
10-day unconditional refund lets the paperwork ride with the policy.