§ 27-4-6.1 - Right to examine and return policy.
SECTION 27-4-6.1
§ 27-4-6.1 Right to examine and returnpolicy. – Every individual life insurance policy delivered or issued for delivery in thisstate after July 1, 1978, and every individual annuity contract delivered inthis state after January 1, 1995, shall contain a provision, or in a separaterider attached when delivered, stating in substance that the person to whom thepolicy or contract is issued shall be permitted to return the policy orcontract within a minimum of ten (10) days of its delivery to that person andto have a refund of the premium paid, if after examination of the policy orcontract the purchaser is not satisfied with it for any reason. Everyindividual life insurance policy and every individual annuity contractdelivered in this state after January 1, 2008, shall contain a provision, or ina separate rider attached when delivered, stating in substance that the personto whom the policy or contract is issued shall be permitted to return thepolicy or contract within a minimum of twenty (20) days of its delivery to thatperson and to have a refund of the premium paid, if after examination of thepolicy or contract the purchaser is not satisfied with it for any reason. Theprovision shall be set forth in the policy or contract under an appropriatecaption and, if not printed on the face page of the policy or contract,adequate notice of the provision shall be printed or stamped conspicuously onthe face page. The policy or contract may be returned to the insurer at itshome or branch office or to the insurance producer through whom it was appliedfor, and then shall be void as from the beginning and as if the policy orcontract had not been issued.