PSI Ohio Insurance Practice Exam

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Study for the Ohio Insurance Test. Prepare with flashcards and multiple choice questions, each question accompanied by hints and explanations. Excel in your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Under the Free Look Provision, an insured can cancel a policy and receive a full refund within how many days?

5 days
10 days
15 days
30 days

The correct answer is: 10 days

The Free Look Provision allows an insured individual to review their insurance policy after it has been issued. Under this provision, the insured has a specified period to cancel the policy without penalty, allowing them to fully consider their purchase and ensure that it meets their needs. In Ohio, this period is commonly 10 days, which provides a reasonable timeframe for the policyholder to assess the terms of the policy, understand the coverage, and determine if it aligns with their expectations. If the policyholder decides to cancel within this 10-day period, they are entitled to a full refund of any premium paid, making it a consumer-friendly feature designed to enhance trust and satisfaction in the insurance purchase process. This provision demonstrates the importance of giving consumers the opportunity to make informed decisions about their insurance needs.