Which of the following is TRUE about the 'Free Look Period' in health insurance policies related to claim settlement?

medium Q7 of Q15

Insurance Awareness - Health Insurance

AIt is the grace period for premium payment

BIt is the time given to settle claims after hospitalization

CIt is the period during which claims cannot be rejected

DIt allows policyholders to cancel the policy within a specified period and get a refund if dissatisfied

Step-by-Step Solution

Step 1: Understand Free Look Period
The Free Look Period allows policyholders to review the policy after purchase and cancel it within a specified time (usually 15 days) for a refund if dissatisfied.
Step 2: Eliminate incorrect options
It is not related to claim settlement time, claim rejection immunity, or premium grace period.
Final Answer:
It allows policyholders to cancel the policy within a specified period and get a refund if dissatisfied → Option D
Quick Check:
This is a consumer protection feature in insurance contracts.

Quick Trick: Free Look = policy cancellation window after purchase.

Common Mistakes:

MISTAKES

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