State RegulationsNY specificDifficulty 2/5
Which of the following must be included in a New York life insurance policy summary under N.Y. Ins. Law §3209 and Reg 74?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under N.Y. Ins. Law §3209 and Reg 74 (11 NYCRR Part 53-2.2), the policy summary must bear the title 'Statement of Policy Cost and Benefit Information' and include the name and address of the agent or broker, the insurer's full name and office address, the generic name of the basic policy and each rider, and the premium and guaranteed benefit and value amounts for the early policy years. The summary is a separate document that quantifies the policy's cost and benefits.
Why the other options are wrong
- A) Medical history is underwriting information; it has no place in the policy summary, which is a cost-and-benefit disclosure document.
- C) The summary shows prescribed policy data, not the insurer's entire annual financial statement.
- D) Lifetime projections of non-guaranteed values are the province of illustrations, not the policy summary, which is limited to prescribed cost-and-benefit information.
Memory hook
Policy summary = 'Statement of Policy Cost and Benefit Information': names, generic names, early-year values.