A licensed New York agent solicits an individual life insurance policy. Under N.Y. Ins. Law §3209, when must the prospective purchaser receive the buyer's guide and the policy summary?
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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, the prospective purchaser must be provided with a copy of the most recent buyer's guide and the required preliminary information at or prior to the time an application is taken, and a policy summary upon delivery of the policy. The preliminary information must also advise the applicant that after receiving the policy and the policy summary there is a period of not less than 10 days to return the policy for an unconditional refund of the premiums paid (§3209(d)(7)). The Superintendent prescribes the buyer's guide language and the policy summary contents, with illustrations governed under Reg 74's framework.
Why the other options are wrong
- A) The buyer's guide is due at the application stage, not held until delivery; only the policy summary waits for delivery.
- C) This reverses the two documents — the guide goes out first, and the summary accompanies the policy.
- D) These are mandatory deliverables under §3209, not documents furnished only at the applicant's request.
Memory hook
Guide at application, summary at delivery — remember G-A-S-D.