State RegulationsNY specificDifficulty 2/5
A New York consumer applies for a life policy through a direct-response mail solicitation, with no in-person agent involved. After receiving the policy, the consumer may return it for a full refund of premium within:
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Because this policy was sold by direct response, N.Y. Ins. Law §3203(a)(11) and §3209(d)(7) give the consumer a full-premium refund for 30 days after receiving the policy. The general statutory return window of not less than 10 and not more than 30 days under §3203(a)(11) is set at its outer limit for mail-order coverage, and §3209(a)(1)(b)(1)(A) permits the mail solicitation to substitute a 30-day unconditional full-premium refund clause.
Why the other options are wrong
- A) 10 days is the minimum for ordinarily delivered policies; the mail-order right runs the full 30 days.
- B) 15 days is not the direct-response refund period under New York law.
- C) 20 days belongs to replacement-regulation timelines under 11 NYCRR Part 51, not to the mail-order free look.
Memory hook
Sold by mail? The free look stretches to the full 30 days.