State RegulationsPA specificDifficulty 3/5
Which statement most accurately describes Pennsylvania's right-to-examine periods for individual life insurance policies?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Pennsylvania tiers the right to examine by replacement context under 40 P.S. § 510C: 10 days for a standard purchase, 45 days when the replacement comes from the same insurer or insurer group, and 20 days when it comes from a different insurer or insurer group. The same three tiers apply to fixed-dollar annuities under 40 P.S. § 510D. The Pennsylvania Insurance Department treats the tier conditions as exact — the replacement's source, same insurer or different, is what sets the period — which is why memorizing a single '10-day free look' is the classic examination error.
Why the other options are wrong
- A) A flat 10-day rule ignores the extended tiers; 40 P.S. § 510C deliberately lengthens the period to 45 days for same-insurer replacements and 20 days for different-insurer replacements.
- C) This reverses the tiers: 45 days is the same-insurer replacement period, and the standard purchase gets the shortest look at 10 days.
- D) This scrambles every tier: 20 days belongs to the different-insurer replacement, 45 days to the same-insurer replacement, and 10 days is the standard non-replacement period.
Memory hook
Ten to start, forty-five to stay inside, twenty to jump ship.