§ 27-4-6.1. Right to examine and return policy.
Every individual life insurance policy delivered or issued for delivery in this state after July 1, 1978, and every individual annuity contract delivered in this state after January 1, 1995, shall contain a provision, or in a separate rider attached when delivered, stating in substance that the person to whom the policy or contract is issued shall be permitted to return the policy or contract within a minimum of ten (10) days of its delivery to that person and to have a refund of the premium paid, if after examination of the policy or contract the purchaser is not satisfied with it for any reason. Every individual life insurance policy and every individual annuity contract delivered in this state after January 1, 2008, shall contain a provision, or in a separate rider attached when delivered, stating in substance that the person to whom the policy or contract is issued shall be permitted to return the policy or contract within a minimum of twenty (20) days of its delivery to that person and to have a refund of the premium paid, if after examination of the policy or contract the purchaser is not satisfied with it for any reason. The provision shall be set forth in the policy or contract under an appropriate caption and, if not printed on the face page of the policy or contract, adequate notice of the provision shall be printed or stamped conspicuously on the face page. The policy or contract may be returned to the insurer at its home or branch office or to the insurance producer through whom it was applied for, and then shall be void as from the beginning and as if the policy or contract had not been issued.
History of Section.P.L. 1977, ch. 206, § 1; P.L. 1994, ch. 404, § 7; P.L. 2007, ch. 134, § 1; P.L. 2007, ch. 210, § 1; P.L. 2008, ch. 240, § 2; P.L. 2008, ch. 310, § 2.
Structure Rhode Island General Laws
Chapter 27-4 - Life Insurance Policies and Reserves
Section 27-4-0.1. - Definitions.
Section 27-4-1. - Discrimination in rates or amounts payable on death.
Section 27-4-1.1. - Denial of applicant based on naloxone prescription.
Section 27-4-2. - Preexisting contracts unaffected by discrimination provisions.
Section 27-4-3. - Distinctions by insurance producers as to collections.
Section 27-4-4. - Penalty for unlawful discrimination.
Section 27-4-5. - Misrepresentation as to policies — Penalty — Revocation of license.
Section 27-4-6.1. - Right to examine and return policy.
Section 27-4-6.2. - Individual life insurance policy standard provisions.
Section 27-4-7. - Privilege against self-incrimination.
Section 27-4-9. - Preexisting contracts unaffected by policy terms provisions.
Section 27-4-10. - Effect of misstatements in application for policy.
Section 27-4-12. - Provision for exemption from encumbrance, transfer, or claims of creditors.
Section 27-4-13. - Deprivation of court jurisdiction — Limitation of actions.
Section 27-4-13.1. - Policy loan interest rates.
Section 27-4-14, 27-4-15. - Repealed.
Section 27-4-16. - Preliminary term policies.
Section 27-4-22. - Assignment of interest under group life insurance.
Section 27-4-22.1. - Continuation of group life insurance — Labor disputes — Involuntary layoffs.
Section 27-4-23. - Rules and regulations.
Section 27-4-24. - Filing of life insurance policy forms.
Section 27-4-24.1. - Waiting period — Effective date of filings.
Section 27-4-24.2. - Notice of disapproval.
Section 27-4-24.3. - Suspension or revocation of licenses.
Section 27-4-24.4. - Hearing on decisions of commissioner.
Section 27-4-24.5. - Judicial review of orders and decisions.
Section 27-4-24.6. - Severability.
Section 27-4-25. - Physical exam by insurance company.
Section 27-4-26. - Interest upon proceeds of life insurance policies.
Section 27-4-27. - Insurable interest.
Section 27-4-28. - Discretionary clauses.