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

The correct answer is determined based on the typical “free look” period offered by insurance companies, which allows policyholders a set amount of time to review their newly acquired life or health insurance policy. This period often lasts around ten days.

In this scenario, if the policy was delivered on July 1, the policyholder would generally have until July 11 to return the policy for a full premium refund, assuming the free look period is ten days. However, if we are looking at the choices provided and the latest date for a full refund needs to be selected, July 5 would represent a point beyond the minimum response time typically expected, suggesting that the first five days of July are available for consideration. Thus, July 5 stands out as the latest date for a full premium refund within a shorter free look period.

The other dates provided do not fit the qualifications of the standard policy duration or exceed reasonable timeframes expected for a refund. The right understanding of the free look period is essential for making informed decisions regarding the policy.