Thefree-look provision, required in Oklahoma for life and health insurance policies (Title 36 O.S. § 4007 for life, § 4405 for health), allows the policyowner to return the policy within a specified period (typically 10 days for life, 30 days for Medigap) from receipt for afull refundof premiums paid, no questions asked. This protects consumers by allowing time to review the policy.
Option A: Incorrect. The insurer cannot rescind during the free-look period; that right applies to contestability.
Option B: Incorrect. The refund is full, not partial, during the free-look period.
Option C: Correct. The policyowner can return the policy for a full refund within the specified period.
Option D: Incorrect. The insurer cannot unilaterally alter the policy during the free-look period.
This question aligns with the Prometric content outline under “Provisions, Options, Exclusions, Riders, Clauses, and Rights,” which covers free-look provisions.
[:, Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: General Knowledge – Life and Health Insurance Provisions)., Oklahoma Insurance Department, Title 36 O.S. § 4007, § 4405 (free-look provisions)., Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing., ]
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