Free-Look Period

Variable annuity contracts typically have a "free look" period of ten or more days. During this period, you are free to terminate your contract without paying any surrender charges and you will receive a refund for the amount you paid. The "free look" period is a time for you to continue to ask questions so that you understand the variable annuity and are sure that it is right for you.

Source: http://investor.gov/glossary/glossary_terms/free-look-period#.Us2-XGRDuEg