jurisdiction
Are there any country with laws allowing insurance buyers to cancel their insurance within 14 days?
<p>In Indonesia, there is a rule. If you buy an insurance, after you send the money, you will get some info.</p>

<p>Some info are written more clearly after you buy the insurance.</p>

<p>If you don't like it, you can return it.</p>

<p>In practice, this is used for scamming customers.</p>

<p>Most customers read terms carefully <strong>before</strong> buying product. Most customers are not aware of the 14 days rule.</p>

<p>An Agent, for example, can claim that all money are invested. The customer puts money and found out that there is acquisition fee whose price is 100 times normal insurance rate.</p>

<p>The fee is not disclosed before the purchase, or if disclosed at all, in a very obfuscated way.</p>

<p>The insurance companies is well aware of this issue. That is why they have insurance products that "cost" 100 times normal price.</p>

<p>The 14 days rules are then, among other things, used to justify that the customer "consent" to the term.</p>

<p>It's as if the state itself help propagating the scam. Without the 14 days rule, an insurance company must write the fee more clearly before the customer buy. Now it can choose not to bother writing it, or do it less clearly.</p>

<p>The agent will simply not tell the customer about the 14 days rule, not tell about the unreasonable fee. The customer think he has done due diligent. Then a clearer explanation is done within the 14 days.</p>

<p>Typical customer would think the deal is done and that there is nothing else to consider. Hence, typical customer would not know that he has to check anything after "buying". After all we are careful before buying, not after.</p>

<p>I wonder if other countries have similar things.</p>

<p>In the United Kingdom there is a law that for any online purchase or other purchase away from the businesses own premises, including insurance policies, that you have a 14 day cooling off period to cancel without penalty. The applicable parts of the law are the <a href="https://www.which.co.uk/consumer-rights/regulation/consumer-contracts-regulations" rel="nofollow noreferrer">Consumer Contracts Regulations</a> and if there is any form of credit agreement involved the <a href="https://www.which.co.uk/consumer-rights/regulation/consumer-credit-act" rel="nofollow noreferrer">Consumer Credit Act</a>. It is a point of the law that the purchaser <strong>must</strong> be clearly made aware of these provisions.</p>
