State RegulationsNY specificDifficulty 1/5
Under the New York Insurance Law, a flexible premium life policy must provide a grace period of:
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under N.Y. Ins. Law §3203(a)(1), a flexible premium life policy must provide a grace period of 61 days, while all other life policies provide a grace period of 31 days or one month. The longer grace reflects the flexible premium structure, and the policy remains in force throughout the grace period.
Why the other options are wrong
- A) 31 days is the grace period for life policies other than flexible premium policies under §3203(a)(1).
- B) 30 days is not the flexible premium grace figure under §3203(a)(1).
- D) 10 days is the monthly-mode grace figure for health policies, not the flexible premium life grace.
Memory hook
Flexible premium = 61-day grace; everyone else 31.