Free Look

The Free Look activity can only be executed on a policy that is in active status during the free look period.  This activity will cause a policy to change to Free Look status and indicates the owner has decided not to purchase the policy.  All premiums paid to date must be returned to the payee.

The following Free Look fields are required:

• Effective Date:  The date the Free Look activity is effective.

• Payout Method:  The method used to send the payout to the recipient.

• Payment Recipient:  The client that will receive the payout.  

• Free Look End Date:  The date that signals the end of the free look period.  This is automatically generated by the system.

• Issue Date:  The date the policy was issued.  This is automatically populated by the system.

• Payout Address:  The address where the payout will be sent.

After the Free Look activity is processed the system automatically generates a disbursement activity for the return of premium.