State RegulationsNY specificDifficulty 1/5
Under the incontestability provision required in New York life policies, the policy becomes incontestable:
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under N.Y. Ins. Law §3203(a)(3), a life policy must provide that it becomes incontestable after 2 years from the date of issue, during the insured's lifetime, subject only to the statutory exceptions such as nonpayment of premiums. After the period runs, the insurer can no longer contest the validity of the contract.
Why the other options are wrong
- A) 1 year is too short; §3203(a)(3) runs the period for 2 years from the date of issue.
- B) 3 years is the reinstatement window under §3203(a)(10), not the incontestability period.
- C) 5 years is not the New York life incontestability period.
Memory hook
Two years from issue, alive — then it's incontestable.