Sally, an aged 61 Californian, purchased a fixed annuity from MegaMutual. However, after thoroughly reading the contract, she decided to return it for cancellation. What is the minimum period she has during which she may return it for a full refund of her premium?

Question

1. No minimum period free-look applies to annuities
2. 10 days
3. 30 days
4. 60 days

Answer 1

In California, the standard "free-look" period for fixed annuities is 30 days. This means that Sally has a minimum period of 30 days during which she may return the annuity for a full refund of her premium. Therefore, the correct answer is:

3. 30 days.