State RegulationsNY specificDifficulty 1/5
For a life insurance policy issued in New York that is NOT a flexible premium policy, what is the longest grace period the policy may set?
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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)(1), every life policy other than a flexible premium policy must provide a grace period of 31 days or one month, and 31 days is the maximum the policy may set. Only flexible premium policies receive the longer statutory grace period of 61 days. Practically, an ordinary policy delivered in New York cannot shorten grace below, or extend it beyond, the statutory measure.
Why the other options are wrong
- B) 61 days is the grace period reserved for flexible premium policies under §3203(a)(1), not for ordinary policies.
- C) 45 days is the extension window when group life conversion notice is late under §3220(a)(8), not a life grace period.
- D) 90 days is the outside cap on late group life conversion notice under §3220(a)(8), not a life grace period.
Memory hook
Ordinary life grace: 31 days max; flexible premium: 61.