State RegulationsNY specificDifficulty 1/5
Under N.Y. Ins. Law §3209, the policy summary in a New York life insurance sale must be delivered to the purchaser:
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Answer & full 3-part explanation (select an option above, or peek)
Why D 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 is provided a policy summary upon delivery of the policy. The buyer's guide and preliminary information, by contrast, must be furnished at or prior to the time the application is taken. Reg 74 (11 NYCRR Part 53-2.2) prescribes the policy summary's required content and format.
Why the other options are wrong
- A) At or prior to the application is the delivery time for the buyer's guide and preliminary information; the policy summary comes later, with the policy.
- B) The statute ties the summary to delivery of the policy, not to a period counted from issuance.
- C) The summary is furnished automatically at delivery; a written request is needed only for an in-force premium-paying policy for which a summary was never furnished.
Memory hook
Guide at application, summary at delivery.