State RegulationsNY specificDifficulty 2/5
An agent in Albany takes a life insurance application but never gives the applicant a buyer's guide. Under N.Y. Ins. Law §3209, this failure is:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §3209, delivering the buyer's guide at the time of application is a mandatory solicitation requirement for life insurance in New York. Failing to deliver it violates the disclosure requirements, and the Superintendent of Financial Services may take action against both the licensee and the insurer responsible for the sale.
Why the other options are wrong
- B) Late delivery at policy time misses the point — the guide must be in the applicant's hands before the purchase decision.
- C) The buyer's guide requirement applies to life insurance solicitations, not merely annuity sales.
- D) Ownership of other coverage does not waive the applicant's right to the disclosure document.
Memory hook
No buyer's guide at application = instant §3209 violation.