State RegulationsNY specificDifficulty 1/5
In a New York life insurance solicitation, when must the policy summary be delivered to the applicant?
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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 and Reg 74, Part 53-2.2, the policy summary — the document describing the specific policy being purchased, its premiums, and its benefits — must be delivered when the policy is delivered. The buyer's guide is the document that goes to the applicant at the time of application; the policy summary follows the policy itself.
Why the other options are wrong
- A) The buyer's guide, not the policy summary, is the document delivered at the time of application.
- C) No post-issue waiting period applies — the summary accompanies the policy at delivery.
- D) Delivery is mandatory in an ordinary solicitation; it is not left to the applicant's request.
Memory hook
Guide at application, summary at delivery.