State RegulationsNY specificDifficulty 1/5
When an application for an ordinary life insurance policy is taken in New York, what must the applicant receive under N.Y. Ins. Law §3209?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under N.Y. Ins. Law §3209(a)(1)(b)(1)(A), the applicant for an ordinary life policy must receive a Buyer's Guide at the time of application and a policy summary when the policy is delivered, so the buyer can compare the product before purchase and confirm its terms at delivery. In a mail solicitation, the disclosure requirements may instead be satisfied by a 30-day unconditional full-premium refund clause under §3209.
Why the other options are wrong
- A) The sequence is reversed: the Buyer's Guide accompanies the APPLICATION and the policy summary comes at DELIVERY under §3209(a)(1)(b)(1)(A).
- C) Disclosure does not wait for the free-look period; the Buyer's Guide is due at the application stage under §3209.
- D) An insurer's financial statement is not the statutory disclosure; New York requires the Buyer's Guide and the policy summary under §3209.
Memory hook
Guide with the app, summary with the policy — §3209.