State RegulationsNY specificDifficulty 1/5
When a member insurer is the subject of a liquidation order, group and blanket life coverage protected by the Life Insurance Company Guaranty Corporation of New York continues for:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §7708, when a member insurer is the subject of a liquidation order, group and blanket coverage continues for 180 days after the order, and the Superintendent of Financial Services may extend that continuation up to 366 days. The rule keeps workplace coverage in place while replacement coverage is arranged.
Why the other options are wrong
- B) 31 days is far short of the statutory continuation period for group or blanket coverage after a liquidation order.
- C) 366 days is not the automatic period; it is the maximum the Superintendent may allow by extension beyond the initial 180 days.
- D) 90 days is not the cap; the coverage continues for 180 days, subject to extension.
Memory hook
Liquidated insurer: group and blanket coverage continues 180 days, extendable to 366.