Posted in Marketing and Strategy Terms, Total Reads: 365
Definition: Free Examination Period
Free examination period is the time period in which a customer can evaluate and judge the product before any commitment to the seller. In case any problem is found, the product can be returned without any penalties such as surrender charge.
After issuing an insurance policy a free look period is given to the buyer during which the policy-owner is allowed to review and return a policy if not satisfied for a full refund of the paid premium. The policy owner can ask all sorts of questions to fully understand the policy. The Free look period is generally a 10 day period.