Texas Statutes and Rules Pertinent to Life Insurance Only
Under 28 TAC § 3.1006, if a policyowner exercises their 30-day free look cancellation right on a replacement policy, what amount must the replacing insurer refund?
Answer and explanation
Answer: D. 28 TAC § 3.1006 mandates a 100% full refund of all premiums and fees paid if cancelled during the replacement 30-day free look.Source: 28 TAC Chapter 3 / TDI Replacement Rules — Full Refund on Replacement Cancellation
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