An Illinois consumer purchases a deferred annuity that REPLACES an existing annuity. Under 50 Ill. Adm. Code 917, what is the minimum free-look period the new annuity must provide?

Why this is the answer

50 Ill. Adm. Code 917 governs replacement of life insurance and annuities in Illinois. While the standard free-look on a new annuity is 10 days, a replacement contract must provide an extended free-look of at least 20 days. During this window the owner may return the contract for a full refund of premium paid. The doubled period is meant to give the consumer time to compare the replacing contract against the contract that is being surrendered or modified.