Definitions for "Free Look Period"
A provision required in most states whereby policyowners have a period of time – usually, 10, 20 or 30 days, depending on the state – to examine their newly issued policy, and return it for a full refund of premium if not satisfied for any reason.
This is an amount of time, generally 30 days, in which a person has the opportunity of changing their mind and not purchasing an insurance policy they have paid for.
a protection which allows you to cancel coverage within 30 days after you receive your benefit booklet and receive a complete refund of any premium you paid.