Under N.Y. Ins. Law §3203(a)(10), a lapsed individual life policy may be reinstated if application is made within what period after the date of default?

Why D is correct

Under N.Y. Ins. Law §3203(a)(10), a lapsed life policy may be reinstated if application is made within 3 years of the date of default. Reinstatement also requires evidence of insurability as the insurer may reasonably require, payment of all overdue premiums, and interest not exceeding 6% per annum compounded annually. This gives New York policyowners far longer to rescue a lapsed policy than the grace period alone would suggest.

Why the other options are wrong

• A) 2 years is the incontestability period from issue under §3203(a)(3), not the reinstatement window after default.
• B) 6 months appears in the war exclusion measures under §3203(c)(1), not in the reinstatement provision.
• C) 31 days is the grace period for an ordinary life policy under §3203(a)(1); grace and reinstatement are different provisions.

Memory hook

Three years to reinstate a lapsed life policy.