The legth of time in which a proposer is expected to effect changes in life insurance contract is?
-
A.
days of grace -
B.
cooling off period -
C.
rectification -
D.
endorsement
Correct Answer: Option B
Explanation
cooling–off period,is a period during which you can cancel the policy for any reason. If you cancel, you should get a refund of any premiums you’ve paid, but the insurer is allowed to charge to cover days when the policy was in force, plus an administration fee.