After the initial signing of a policy, how long does an individual have to cancel that insurance policy and how long does the agent have to refund the check?

Delbert, Virginia

Dear Delbert,

According to the Insurance Information Institute, as the policyholder, you have the right to cancel your insurance policy any time you want. But as the Virginia Department of Insurance explained, your insurance company has some rights too.

If you cancel your policy before its effective date, you are entitled to get all your money back. But if you cancel after your effective date, your insurance company is allowed to charge you for the time your policy was in effect.

Virginia does not specify a time limit for your agent to return your money to you. However, local agents say they try to get the money returned within 30 working days, or in about six weeks.

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