Individual life insurance policies; standard provisions

What this document is

N.Y. Ins. Law s. 3203: Individual life insurance policies; standard provisions is a state statute published by New York State Senate (nysenate.gov). It is one of the New York documents that insurance license exam questions are written from, including new york life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• N.Y. Ins. Law § 3203(b)(1) (Exclusions / Restrictions on Liability)

  “A life insurance policy delivered or issued for delivery in this state may exclude or restrict liability in the event of death occurring while the insured is resident in a specified foreign country or countries, but shall not contain any provision excluding or restricting liability in the event of...”

• N.Y. Ins. Law § 3203(a)(11) (Free-Look / Right to Return)

  “(11) that upon surrender of the policy, together with a written request for cancellation, to the insurer during a period of not less than ten days nor more than thirty days from the date the policy was delivered to the policy owner, the insurer shall refund either (i) any premium paid for the...”

• N.Y. Ins. Law § 3203(a)(1) (Grace Period)

  “the policyholder is entitled to a thirty-one day grace period or of one month following any subsequent premium due date within which to make payment of the premium then due. During such grace period, the policy shall continue in full force;”

• N.Y. Ins. Law § 3203(a)(11) (Mail-Order Surrender Proviso)

  “provided, however, that a policy sold by mail order must contain a provision permitting the policy owner a thirty day period for such surrender;”

• N.Y. Ins. Law § 3203(a)(4) (Entire Contract)

  “that the policy, together with the application therefor if a copy of such application is attached to the policy when issued, shall constitute the entire contract between the parties;”

• N.Y. Ins. Law § 3203(a)(8)(A) (Policy Loan Amount)

  “the policyholder shall be entitled to a loan in an amount not exceeding the loan value, under the conditions specified in section four thousand two hundred twenty-two of this chapter;”

• N.Y. Ins. Law § 3203(a)(8)(B) (Policy Loan Security)

  “(8) (A) that, for a policy not in default and where three full years' premiums have been paid or, in the case of a policy where the policyholder may vary the amount and frequency of premiums to be paid to the insurer, after three years from the date of issue of the policy, the policyholder shall be...”

• N.Y. Ins. Law § 3203(a)(1) (Grace period)

  “For all other policies, after payment of the first premium, the policyholder is entitled to a thirty-one day grace period or of one month following any subsequent premium due date within which to make payment of the premium then due. During such grace period, the policy shall continue in full force;”

• N.Y. Ins. Law § 3203(a)(3) (Incontestability)

  “that the policy shall be incontestable after being in force during the life of the insured for a period of two years from its date of issue, and that, if a policy provides that the death benefit provided by the policy may be increased, or other policy provisions changed, upon the application of the...”

• N.Y. Ins. Law § 3203(a)(5) (Misstatement of age)

  “that if the age of the insured has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age;”

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