Posted in Marketing and Strategy Terms, Total Reads: 513
Definition: Free Look Period
This term is generally used in the Insurance Industry. Free look period is typically a 10 day period given to the insurance policy holder to examine the policy by reviewing and thoroughly going through its terms and conditions. If the policyholder isn’t satisfied, he has the liberty to return the policy with full refund of the premium paid. Therefore, this period is also known as examination period.
During this period, the policy purchaser can ask questions to the insurance provider company regarding the contract in order to gain further knowledge and to better understand the policy terms and conditions. The responsibility of proving the date of receipt of the policy document is on the policy buyer. The request for exercising the free look option must be made by the policy buyer through a written document to the insurance provider company. Many insurers provide free-look request form on their website itself.