An agent delivers a life insurance policy to the proposed insured. If the insured decides not to accept the policy, within how many days can they return it for a full refund of the premium?

The correct answer reflects the standard grace period provided to the insured in many jurisdictions regarding life insurance policies. When a life insurance policy is delivered, the insured typically has a specific timeframe to review the policy and decide whether to accept it. If they choose not to accept the policy within this period, they are allowed to return it for a full refund of the premium.

In this case, 14 days is the common period known as the "free look" period. This allows the insured to carefully consider the terms of the policy, evaluate their needs, and make an informed decision without feeling pressured. The free look provision is designed to promote consumer protection by ensuring that individuals are not locked into a contract that they are not comfortable with.

While 10 days, 30 days, and 60 days may sound reasonable in various contexts, they do not align with the typical regulations governing the free look periods for life insurance policies in most states.