What happens if an applicant returns their policy during the Free Look period?

Returning a policy during the Free Look period allows the applicant to evaluate the policy without financial risk. If they decide to return the policy within this designated time frame, they are entitled to a full refund of any premiums paid. This period is specifically designed to provide consumers with a chance to review the terms and conditions of their policy and ensure it meets their needs. If they find that the policy does not suit them, returning it guarantees they won't incur any losses, reinforcing consumer protection in insurance sales.

The purpose of the Free Look period is to foster confidence in the purchase process by allowing applicants to cancel if they change their minds, thus emphasizing the importance of informed decision-making in insurance transactions.