Insurance Glossary
Cooling-off period
What is cooling-off period?
A cooling-off period is a set number of days after taking out a policy during which you can cancel it and get your premium back, provided you have not claimed. It gives consumers a chance to reconsider a new purchase.
Example
Realising a new policy duplicates cover you already have, you cancel within the cooling-off period and get a full refund.
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