State RegulationsNY specificDifficulty 1/5
Under the New York Insurance Law's rules on life insurance for minors, a minor who is 14 years and 6 months of age or older may:
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under N.Y. Ins. Law §3207, a minor who is 14 years and 6 months of age or older may own a life insurance policy and exercise all the rights and privileges of ownership — paying premiums, changing beneficiaries, taking loans, and surrendering — without a guardian's intervention. Below that age, both ownership rights and the amount of insurance are restricted by the same section.
Why the other options are wrong
- A) At 14 years and 6 months the minor may exercise the rights of ownership personally under §3207; a guardian is not required.
- B) A minor policyowner's beneficiary choices remain limited to the statutory class — the minor, a parent, spouse, brother, sister, child, or grandparent.
- D) No co-applicant requirement exists under §3207; the minor may own the policy alone.
Memory hook
At 14 years and 6 months, a New York minor wears the policyowner's hat — all rights included.