New Jersey Life Insurance Exam Practice Question
The free look period for an annuity purchased from a local agent is AT LEAST
Correct Answer: A
Rationale: The free look period for an annuity typically allows policyholders to review their contract and cancel it without penalty. Option A accurately states that this period is at least 10 days and not more than 30 days from the date of policy delivery, aligning with standard regulations in many jurisdictions.
Options B and C incorrectly extend the minimum free look period beyond 10 and 30 days, respectively, which is not supported by typical industry standards. Option D suggests an excessively long period of 45 to 80 days, which is generally not applicable. Therefore, only Option A reflects the correct and widely accepted guidelines.
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