State RegulationsNY specificDifficulty 2/5
A life policy is delivered in Rochester. Under New York's required provisions, what makes up the entire contract between the policyholder and the insurer?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §3203(a)(4), the entire contract consists of the policy and the application attached to it, and statements in that application are treated as representations under §3204. Because the application is part of the contract, it controls what was represented at issue; outside sales material does not modify the agreement.
Why the other options are wrong
- B) Illustrations are sales material; unless reduced to writing and attached, they do not become part of the contract under §3203(a)(4).
- C) The buyer's guide and policy summary are disclosure documents required at application and delivery, not contract components.
- D) The policy alone is not the entire contract; the attached application is expressly included under §3203(a)(4).
Memory hook
Policy plus application equals the entire contract; everything else is chatter.