State RegulationsNY specificDifficulty 2/5
Maria, a Buffalo resident, receives an ordinary whole life policy she applied for through a local agent. Under N.Y. Ins. Law §3209(d)(7), the insurer must allow her to return the policy for an unconditional refund of premium for at least:
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under N.Y. Ins. Law §3209(d)(7), an ordinary policy must provide an unconditional refund of premium for at least 10 days after the policyholder receives the policy. The statutory return window under §3203(a)(11) runs not less than 10 and not more than 30 days after receipt, and a mail-order (direct response) policy carries a 30-day refund right — but for this ordinarily delivered policy the guaranteed minimum is 10 days.
Why the other options are wrong
- A) 30 days is the refund period for a mail-order (direct response) policy, not the minimum for an ordinary agent-delivered policy.
- B) 31 days is the life insurance grace period figure, not the free-look minimum.
- C) 60 days is the unconditional refund period required in replacement transactions under Reg 60, not the ordinary free look.
Memory hook
Ordinary policy free look: at least 10 days; mail-order gets 30.