1. Each Member State shall prescribe that a policy-holder who concludes an individual life-assurance contract in one of the cases referred to in Title III shall have a period of between 14 and 30 days from the time when he was informed that the contract had been concluded within which to cancel the contract.
The giving of notice of cancellation by the policy-holder shall have the effect of releasing him from any future obligation arising from the contract.
The othe
legal effects and the conditions of cancellation shall be determined by the law applicable to the contract as defined in Article 4, notably as regards the arrangements for informing the policy-holder that the contract has been concluded.
2. The Member States need not apply paragraph 1 to contracts of six months' duration or less.