PLIllinoismedium
During what period after the inception of a new Illinois homeowners policy may the insurer cancel for any lawful reason with proper notice?
AThe first 30 days
The first 60 days
CThe first 90 days
DThe first 6 months
Why this is the answer
Illinois recognizes a 60-day 'underwriting window' during which the insurer may cancel a newly issued homeowners policy for any reason not otherwise prohibited by law, with 30 days written notice (or 10 days for non-payment). After day 60, mid-term cancellation is restricted to the statutory grounds listed in 215 ILCS 5/143.15. This gives carriers time to verify underwriting after binding.
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