L&HMAhard
A Massachusetts resident purchases a new individual life policy that replaces an in-force MA life policy. Under the interaction between M.G.L. c. 175 §187H and 211 CMR 34.06, what free-look period must the new policy provide and from when does it run?
A10 days running from the application date
B10 days running from policy delivery, same as a non-replacement sale
CNo free-look applies because the replaced policy already had one
20 days running from policy delivery
Why this is the answer
While M.G.L. c. 175 §187H supports a 10-day standard free-look from delivery, 211 CMR 34.06 extends the period to 20 days from delivery whenever the transaction is a replacement of an existing life policy. The longer window lets the applicant unwind a regretted replacement.
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