A Texas contract holder receives a newly issued variable life insurance contract. Under the Texas free-look rule for variable life contracts, within what period may the contract be returned for a refund equal to the premiums paid?

Why A is correct

Under 28 TAC 4.1504(3)(A)(v), every variable life contract filed in Texas must carry, on its cover page, a captioned provision that the contract holder may return the variable life contract within 10 days of receipt of the contract and receive a refund equal to the premiums paid. The clock runs from the contract holder's receipt of the contract, not from the application date or from underwriting approval, so the delivery receipt documenting when the owner actually received the contract is what fixes the start of the period.

Why the other options are wrong

• B) The period is triggered by receipt of the contract, not by the date the application was signed; no free-look clock runs before the contract exists.
• C) Underwriting approval is not the trigger; the right attaches when the contract holder receives the contract.
• D) The statutory period for a variable life contract is 10 days from receipt, not 15; the 15-day figure belongs to the annuity disclosure free look under 28 TAC 4.2311.

Memory hook

Variable life: ten days from receipt, refund of premiums paid.