Which provision allows the policyowner a specified number of days to examine the contract and cancel it for a full refund?

The provision that allows the policyowner a specified number of days to examine the contract and cancel it for a full refund is known as the "free look" provision. This feature is designed to give policyowners the opportunity to review the insurance policy after purchasing it, ensuring that they fully understand the terms and conditions. During this free look period, typically ranging from 10 to 30 days depending on the type of policy and state regulations, the policyowner can decide if the policy meets their needs. If they choose to cancel the policy within this time frame, they can obtain a full refund of the premiums paid.

This feature is particularly important in the insurance industry as it protects consumers from making hasty decisions and allows them to ensure that the policy they selected is appropriate for their circumstances. Other terms like grace period, reinstatement clause, and vesting period serve different purposes and do not involve an examination period for cancellation and refund.