Definition of "Free Look Period"

A right, in most states, that allows an insured to have 10 days to examine an insurance policy, and if not satisfied, to return it to the company for a full refund of the initial premium.

The right of an insured to examine an insurance policy for a stated period, often 10 days, and if not satisfied, the right to return the policy and receive a full refund of the initial premium.

Period of time after an annuity contract is issued and delivered (usually between 10 and 30 days) when the owner may cancel the contract and receive either their initial payment or the current value of the annuity contract. State rules vary.