L&HNJhard
A New Jersey applicant signs a replacement life application on day 0; the replacing insurer mails the certified Notice Regarding Replacement to the existing insurer on day 4. The new policy is delivered on day 40. When does the consumer's free-look on the new replacement policy expire under N.J.A.C. 11:4-2?
30 days after delivery of the new replacement policy
B30 days after the existing insurer received the certified notice
C10 days after delivery of the new replacement policy
DOn the day the applicant signed the original application
Why this is the answer
Under N.J.A.C. 11:4-2 the 30-day replacement free-look runs from delivery of the new policy, independent of when the certified notice reached the existing insurer or when the application was originally signed.
Studying for the NJ Life & Health exam?
This question comes from our L&H bank. Take a free practice test — no signup.