State RegulationsNY specificDifficulty 1/5
Under Reg 62, the disclosure illustrations that accompany a New York long-term care insurance solicitation must cover what period, and include benefit examples at which ages?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under Reg 62 (11 NYCRR Part 52), New York long-term care disclosure illustrations must cover a period of 20 years and include benefit examples at ages 75 and 85. The fixed sample ages show how the policy is projected to perform during the very years long-term care is most likely to be needed, giving the applicant a realistic long-run picture instead of a flattering first-year snapshot.
Why the other options are wrong
- B) A single decade keyed to the applicant's current age would hide the premium and benefit changes that emerge late in the coverage - exactly what the 20-year span is designed to reveal.
- C) A five-year window with younger sample ages understates both premium growth and benefit erosion; the regulation fixes the horizon at 20 years and the sample ages at 75 and 85.
- D) The regulation does not require a 30-year illustration; the specified horizon is 20 years, and the sample ages are 75 and 85 - not 70 and 90.
Memory hook
20-year window, ages 75 and 85 - the LTC illustration numbers that repeat on the exam.