Period of time, usually 30 days, when an individual can try out a Medigap policy. During that time, if the individual changes his or her mind about keeping the policy, it can be cancelled and any money paid is refunded.
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A period of time (usually 10, 20 or 30 days) during which a policyholder may examine a newly issued individual policy of life or health insurance, and surrender it in exchange for a full refund of premium if not satisfied for any reason.