After delivery of a policy, when is the latest date S can return it for a full premium refund?

The correct option indicates the latest date by which S can return the policy for a full premium refund. Typically, many insurance policies include a "free look" period, granting policyholders the right to review their new policy for a specified duration after its delivery. This period often extends for a certain number of days, commonly ranging from 10 to 30 days depending on the state regulations or the specifics of the policy.

In this case, if we assume that the delivery date of the policy is not explicitly stated in the question, we can infer that the timeline for returning the policy would begin upon its delivery. If July 1 is the date of delivery, then July 5 would mark the end of the standard five-day window often observed in such policies. This means that S would have until July 5 to return the policy for a full refund, making it the latest acceptable return date.

Thus, the response that indicates July 5 is correct, as it aligns with the typical understanding of the free look period designed to protect consumers by allowing them sufficient time to reconsider their decision after acquiring an insurance policy.