Insurance companies are subject to the laws of regulations of the state within which the policy is so. Most States offer to the assured or the client a period of time typically 30 days to review the contract and make sure it is suitable for their needs. If it's not then the insured or client can physically actually reject the policy and thereby terminate coverage
The free look period is a window typically 10 to 30 days, depending on your state during which you can review your new policy and cancel it for a full refund if it doesn’t meet your needs. It’s a risk-free opportunity to make sure the coverage is right for you.
It is the time period that you have to examine the policy issued and determine if you feel it is a suitable offer and you want to keep the policy. In a lot of cases the policy may come back different than what you applied for due to underwriting decisions so you may not want to continue with the policy and can decline the offer for a full refund. This time period is usually 14 days.
