New York Life Insurance Provisions — New York Insurance Law — Life & Health Practice Test
26 questions in this topic · 26 drawn at random this round
Under N.Y. Insurance Law §4240, when a domestic life insurer issues variable life insurance or variable annuity contracts, how must the assets supporting those variable benefits generally be held?
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This New York Insurance Law — Life & Health New York Life Insurance Provisions practice set has 26 practice questions based on the official exam materials, each with an instant explanation.
Sample questions
Three questions from the New York Life Insurance Provisions bank with the correct answer and an explanation. The practice quiz above draws 26 questions at random from the same bank.
Under N.Y. Insurance Law §3203(a)(1), what is the standard grace period for premium payment in a New York life insurance policy that does NOT have variable premiums?
- Thirty-one days — Correct answer
- Ten days
- Sixty-one days
- Ninety days
Explanation: N.Y. Ins. Law §3203(a)(1) requires life insurance policies to provide a thirty-one day grace period (or one month) following any premium due date after the first, during which the policy stays in force.
Handbook: NY Life Insurance Provisions — Grace Period
Under N.Y. Insurance Law §3203(a)(1), what grace period applies to a life insurance policy with variable premiums once the insurer determines that the net cash surrender value is insufficient to cover the cost of insurance for one month?
- Sixty-one days — Correct answer
- Thirty-one days
- Fifteen days
- Ninety days
Explanation: Policies with variable premiums get an extended sixty-one day grace period after the insurer determines the net cash surrender value can no longer cover one month's cost of insurance — longer than the standard 31-day grace period for fixed-premium policies (§3203(a)(1)).
Handbook: NY Life Insurance Provisions — Grace Period (Variable Premium)
Under N.Y. Insurance Law §3203(a)(3), after how long must a life insurance policy become incontestable (subject to limited statutory exceptions), measured from its date of issue while the insured is living?
- Two years — Correct answer
- One year
- Three years
- Five years
Explanation: §3203(a)(3) requires a life insurance policy to become incontestable after being in force during the insured's lifetime for two years from the date of issue (and, for any later increase or modification, two years from the effective date of that change).
Handbook: NY Life Insurance Provisions — Incontestability