State RegulationsNY specificDifficulty 2/5
An applicant asks a New York life insurer to make a new policy's effective date earlier than the application date. Under N.Y. Ins. Law §3208, which of the following statements is correct?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under N.Y. Ins. Law §3208, a life policy's effective date may be set before the application date, but only within the antedating period the statute allows. The statute fixes the outer boundary for backdating; it does not compel an insurer to antedate every policy, so whether a particular policy is backdated is a matter the applicant and the insurer arrange between them — typically to base premiums on a younger issue age — within that statutory limit.
Why the other options are wrong
- A) §3208 caps how far back a policy may be dated; it does not create an applicant's right to force the insurer to antedate a policy.
- B) No Superintendent approval step applies to backdating; §3208 itself defines the permissible antedating period without case-by-case regulator sign-off.
- D) Nothing in §3208 limits antedating to single-premium policies; the rule applies to life insurance policies generally, within the statutory time limit.
Memory hook
§3208 caps the backdating clock; the parties decide whether to use it.