State RegulationsNY specificDifficulty 2/5
A life policy sold through a licensed New York agent is hand-delivered to the policyholder in Buffalo; it is not a mail-order policy. The policy's right-to-examine provision must permit the policyholder to return the policy for a full refund within at least:
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Why B is correct
Under N.Y. Ins. Law §3203(a)(11), a life policy delivered in New York must provide that the policyholder may return it within not less than 10 days nor more than 30 days after receipt for a full refund; §3209(d)(7) likewise guarantees an unconditional refund of premium for at least 10 days after receipt. For an ordinarily delivered policy, 10 days is the statutory floor — the 30-day right belongs to mail-order policies.
Why the other options are wrong
- A) 30 days is the return right for mail-order (direct response) policies, not the minimum for an ordinarily delivered policy.
- C) 45 days is not part of the statutory free-look range of not less than 10 and not more than 30 days.
- D) 60 days has no basis in the New York free-look rules for life policies.
Memory hook
Ordinary delivery = 10-day floor; the statute's ceiling is 30.