State RegulationsVA specificDifficulty 1/5
Under Va. Code § 38.2-3301, how long does a Virginia life insurance policyowner have after receiving the policy to return it and obtain a refund?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Va. Code § 38.2-3301 gives every Virginia life insurance policyowner a right to examine the policy — the free look — for at least 10 days after receiving it. If the policyowner returns the policy within that period, the insurer must promptly refund the premium. The 10-day figure is the life insurance standard in Virginia; candidates should keep it distinct from the longer periods that apply to other products and from the 31-day grace period, which is an entirely different provision.
Why the other options are wrong
- B) 31 days is the life policy grace period after a premium due date under Va. Code § 38.2-3303, not the free-look window of Va. Code § 38.2-3301.
- C) 45 days is longer than the statutory minimum; the Virginia life free look runs at least 10 days.
- D) 60 days overstates the examination right; the statute sets the floor at 10 days.
Memory hook
Free look is 10 days — grace is 31; do not let the numbers swap places.