State RegulationsNY specificDifficulty 1/5
Under N.Y. Ins. Law §3203(a)(4), what constitutes the entire contract between a New York life insurer and the policyowner?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under N.Y. Ins. Law §3203(a)(4), the entire contract consists of the policy and the application attached to it — nothing else is part of the contract. This keeps agents' sales talk and illustrations out of the contractual bargain, which is why illustrations are regulated separately and why misrepresentations in the sale are treated as unfair trade practices rather than policy terms.
Why the other options are wrong
- A) The application is not a separate stray document; §3203(a)(4) makes the attached application part of the entire contract.
- C) Sales illustrations are sales materials, not contract parts; the entire contract is only the policy plus the attached application under §3203(a)(4).
- D) Agents' verbal statements are precisely what the entire-contract clause excludes; only the policy and the attached application govern under §3203(a)(4).
Memory hook
Policy + attached application = the whole deal — §3203(a)(4).