State RegulationsNY specificDifficulty 1/5
Which statement about the misstatement-of-age provision in New York life insurance policies is correct?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under N.Y. Ins. Law §3203(a)(5), a misstatement-of-age provision is one of the standard provisions required in every life policy delivered in New York. Its function is curative: the amount payable is adjusted to what the premium would have purchased at the true age, so coverage is preserved rather than forfeited when the age is wrong.
Why the other options are wrong
- A) The provision is mandatory under §3203(a)(5), not an optional rider an insurer may sell separately.
- B) Voiding belongs to warranty doctrine; New York treats application statements as representations under N.Y. Ins. Law §3204, absent fraud.
- C) The adjustment applies whenever age is misstated, not only to early claims; the two-year mark governs incontestability under §3203(a)(3), a different rule.
Memory hook
Misstated age? Adjust, don't annul.