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Xander fills out a life insurance application to purchase a $75,000 policy.

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Xander fills out a life insurance application to purchase a $75,000 policy. The policy is accepted by the insurer and delivered to him on March 3. He pays the first month’s premium upon receipt of the policy. Unfortunately, on March 9, Xander loses his job and decides that he no longer wants the policy. What will be the consequence of this cancellation?

A.

Xander's policy will be cancelled, and he will receive a full premium refund.

B.

Xander's policy will be cancelled, but he will not receive any premium refund.

C.

Xander will be obligated to reinstate the policy once he finds new employment.

D.

Xander will not be allowed to cancel the policy because he already accepted it.

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