Under the Pennsylvania right-to-examine provision for an individual life insurance policy that does not replace any existing coverage, how long does the policyowner have to return the policy for a refund of premium?

Why A is correct

40 P.S. § 510C(a) gives the purchaser of an individual fixed-dollar life insurance policy the right to return the policy within 10 days of delivery for a refund of the premiums paid. The insurer must prominently print notice of this right on the first page of the policy. The longer tiers exist only in replacement situations: 45 days when the replacement is issued by the same insurer or insurer group and 20 days when it is issued by a different insurer or insurer group. Because this sale involved no replacement, only the standard 10-day tier applies.

Why the other options are wrong

• B) 20 days is the right-to-examine tier that applies when the new life policy replaces coverage issued by a different insurer or insurer group, not the standard non-replacement period.
• C) 45 days is the tier for replacing coverage issued by the same insurer or insurer group under 40 P.S. § 510C; it never applies to a first-time purchase.
• D) 'One month' describes the grace-period formulation for premium payment in 40 P.S. § 510(b); the free look is a separate delivery-refund right measured in days.

Memory hook

No replacement? Ten days to change your mind — the long tiers are only for switches.