State RegulationsNY specificDifficulty 2/5
A New York consumer buys a life insurance policy through a direct-response mail solicitation. Under N.Y. Ins. Law §3203(a)(11), the policy must allow the owner to return it for a full refund within what period after receipt?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under N.Y. Ins. Law §3203(a)(11), a life policy must allow return for a full refund within not less than 10 days nor more than 30 days after receipt, but a mail-order (direct-response) policy must give the full 30 days. Because no agent delivers the policy in person, the buyer gets the maximum statutory examination period, and §3209(d)(7) independently guarantees an unconditional refund of premium for at least 10 days after receipt.
Why the other options are wrong
- A) Ten days is the minimum for ordinary policies under §3203(a)(11); the direct-response mail-order policy must allow the full 30 days.
- B) Forty-five days is not a free-look period; it belongs to the group-conversion extension granted when notice of the conversion privilege is late.
- D) Sixty days is the unconditional refund right Reg 60 provides when a policy is sold as a replacement, not the mail-order free-look period under §3203(a)(11).
Memory hook
Mail-order life: the full 30 days to send it back — §3203(a)(11).