What is the duration of the free look period for all annuity and pure endowment contracts issued in Idaho?

The duration of the free look period for all annuity and pure endowment contracts issued in Idaho is 20 days. This period is important as it allows policyholders to review their contracts after purchase, ensuring they have adequate time to understand the terms, conditions, and benefits of their annuity or endowment contracts. During the free look period, policyholders can cancel the contract without penalty and receive a full refund of any premiums paid. This consumer protection measure helps promote confidence and satisfaction among buyers, as it provides a chance to reassess their decision after initial contemplation.

Other durations, such as 10, 15, or 30 days, do not align with the regulations set forth in Idaho law for these specific contracts.