State RegulationsOH specificDifficulty 1/5
An insured in Akron wants to return a newly delivered Ohio long-term care policy for a refund. Within how many days from the date of delivery may the policy be returned for a full premium refund?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
ORC 3923.44(H)(1) gives an insured 30 days from the date of delivery to return a long-term care policy or certificate and receive a premium refund. Ohio modified the shorter 10-day individual sickness and accident rescission rule of ORC 3923.31 for long-term care, doubling the window because of the complexity and long-term commitment these policies represent for seniors.
Why the other options are wrong
- A) 10 days is the individual sickness and accident free look under ORC 3923.31, not the long-term care period.
- B) 15 days is the viatical settlement rescission period in Ohio, not the long-term care free look.
- C) 20 days is the NAIC-model replacement free look; Ohio long-term care policies carry a 30-day right to return.
Memory hook
LTC free look is 30 days, twice the A&H 10.