State RegulationsNY specificDifficulty 1/5
Under N.Y. Ins. Law §3209, a prospective life insurance purchaser must be given a copy of the buyer's guide:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §3209, no life insurance policy may be delivered or issued for delivery in New York unless the prospective purchaser has been provided a copy of the most recent buyer's guide, together with the required preliminary information, at or prior to the time the application is taken. The buyer's guide is a separate document whose language is promulgated by the Superintendent, and Reg 74 (11 NYCRR Part 53-2.6) governs its use in solicitation.
Why the other options are wrong
- B) Delivery of the policy is the time for the policy summary; the buyer's guide must reach the purchaser before or when the application is signed.
- C) The buyer's guide is required at the application stage; the free-look period plays no role in its timing.
- D) The guide must be given to every prospective purchaser, not only first-time buyers.
Memory hook
The buyer's guide comes early: at or before the application is signed.