What is the term for the period during which a client can cancel their insurance policy after purchase?

The term for the period during which a client can cancel their insurance policy after purchase is known as the cooling off period. This is a consumer protection feature that allows policyholders a specified time frame—typically a few days to a couple of weeks—during which they can reconsider their decision and cancel the policy without penalty.

The purpose of the cooling off period is to ensure that clients have adequate time to review the terms of their insurance and make an informed decision. It also provides consumers with a safety net against hasty decisions made during the purchasing process.

Other terms such as the review period might refer to different aspects of the policy assessment, while the claim period pertains to the time allowed for policyholders to file claims after an event has occurred. The grace period generally relates to the time a policyholder has to make a premium payment without losing coverage. However, none of these terms specifically denote the clients' right to cancel their policy post-purchase as the cooling off period does.