Page 69 - M1_Insurance Introduction Notes
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One should go through all the policy conditions and be
sure that these are the same that were explained by
the intermediary/ insurance company official at the
time of sale.
What is Free Look Cancellation?
Cancellation of a life insurance policy within 15 days
(30 days if sold by distance mode) from the date of
receipt of the policy document if one disagrees with
any of the terms or conditions in the policy is called a
free look cancellation.
Section 45 of Insurance laws- It allows the insurer to
void the policy in question/repudiate a claim on
account of material non disclosures/mis-representation
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