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State RegulationsNY specificDifficulty 1/5

Under N.Y. Ins. Law §7819, New York's life settlement law applies to...

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Answer & full 3-part explanation (select an option above, or peek)

Why A is correct

Under N.Y. Ins. Law §7819, the article governs any life settlement contract made, proposed to be made, or solicited with a resident of this state or with any owner physically in this state. For entities, residence is the principal place of business, and for trusts it is the state in which the grantor resides. A provider therefore cannot leave New York's settlement protections behind simply by papering the deal elsewhere when a New York resident is being solicited.

Why the other options are wrong

  • B) The domicile of the insurer that issued the policy is irrelevant to §7819's applicability test.
  • C) One New York connection — a resident or an owner physically in the state — is enough; the statute does not require both owner and insured to reside in New York.
  • D) Even a proposal or solicitation touching a New York resident triggers the article; the contract need not be negotiated entirely in New York.

Memory hook

§7819: NY resident or owner physically in NY means New York settlement law applies.

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