State RegulationsNY specificDifficulty 3/5
Which statement correctly describes the right-to-examine (free look) requirement for individual life policies delivered in New York?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §3203(a)(11), the right-to-examine provision must allow return for a full refund within not less than 10 days nor more than 30 days after receipt, and §3209(d)(7) independently guarantees at least 10 days of unconditional premium refund. A direct-response policy carries a 30-day refund right, so New York's free look is a qualified range rather than a single fixed number.
Why the other options are wrong
- B) The statute sets a range — not less than 10 and not more than 30 days — not a fixed 10-day period for every policy.
- C) 60 days is not a New York free-look period for life policies.
- D) Every life policy delivered in New York must contain the return right; it is not limited to mail-order sales.
Memory hook
New York free look is a range — at least 10, at most 30, mail-order gets 30.