State RegulationsNY specificDifficulty 1/5
Under Reg 62, after a premium payment on a New York long-term care insurance policy is missed, the policy may not lapse until:
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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), a New York long-term care policy cannot lapse the moment a premium is missed: the insured gets a 30-day interval after the missed payment before the policy may lapse. The interval is a safeguard for older insureds - a temporary cash crunch or a mailing problem does not instantly destroy coverage built over many years, and paying within the interval keeps the policy in force.
Why the other options are wrong
- B) The interval is longer than ten days; that shorter figure belongs to other health-policy grace periods, not to the long-term care lapse rule.
- C) The regulation does not give a full 60 days before lapse; the interval after a missed long-term care premium is 30 days.
- D) No bank confirmation is required; the interval runs on its own after the missed payment, without any prerequisite paperwork.
Memory hook
One missed LTC premium buys 30 days, not a funeral.