Insurance Contracts: Life, Accident and Health, Annuities and Certain Property/Casualty Policies, first half

What this document is

New York Insurance Law Article 32 - Insurance Contracts: Life, Accident and Health, Annuities and Certain Property/Casualty Policies, first half (Secs. 3201-3220) is a state statute published by New York State Senate, NYS Open Legislation (nysenate.gov). It is one of the New York documents that insurance license exam questions are written from, including new york life & health, new york property & casualty 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 Article 32 § 3219(a)(1) (Annuity Contracts, Required Grace Period Provision)

  “In any such contract or certificate requiring payments to be made to the insurer, that, after the first payment, there shall be a grace period of thirty-one days following the due date of any subsequent payment within which the payment to the insurer may be made. During such grace period, the...”

• N.Y. Ins. Law Article 32 § 3219(a)(9) (Annuity Contracts, Surrender for Refund and Mail Order Sales)

  “That upon surrender of the contract or certificate, 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 contract or certificate was delivered to the holder thereof, the insurer refund either (i) any...”

• N.Y. Ins. Law Article 32 § 3208(a) (Antedating of Life Insurance Policies Prohibited)

  “No insurer shall knowingly deliver or issue for delivery in this state any policy of life insurance that purports to have been issued or to have taken effect more than six months before the date on which the application therefor was made, if thereby the premium is reduced below the premium that...”

• N.Y. Ins. Law Article 32 § 3201(b)(4)(A) (Credit insurance form and rate approval)

  “No credit insurance or credit unemployment insurance policy form shall be issued unless it and its premium rates have been filed with and approved by the superintendent.”

• N.Y. Ins. Law Article 32 § 3204(a)(1)-(2) (Policy to Contain Entire Contract)

  “Every policy of life, accident or health insurance, or contract of annuity, delivered or issued for delivery in this state, shall contain the entire contract between the parties, and nothing shall be incorporated therein by reference to any writing, unless a copy thereof is endorsed upon or...”

• N.Y. Ins. Law Article 32 § 3203(a)(2) (Death During the Grace Period)

  “that if the death of the insured occurs within the grace period provided in the policy, the insurer may deduct from the policy proceeds the portion of any unpaid premium applicable to the period ending with the last day of the policy month in which such death occurred, and if the death of the...”

• N.Y. Ins. Law Article 32 § 3203(a)(3) (Incontestability; Increases and Changes)

  “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 policyholder and the production of evidence of insurability, the policy with respect to each such increase or change shall be incontestable after two...”

• N.Y. Ins. Law Article 32 § 3210 (Incontestability After Reinstatement)

  “Any policy of life or non-cancellable disability insurance or contract of annuity delivered or issued for delivery in this state that is reinstated shall be incontestable after the same period following reinstatement and with the conditions and exceptions provided in the policy or contract with...”

• N.Y. Ins. Law Article 32 § 3214(c) (Interest on Proceeds at the Interest Settlement Option Rate)

  “If no action has been commenced, interest upon the principal sum paid to the beneficiary or policyholder shall be computed daily at the rate of interest currently paid by the insurer on proceeds left under the interest settlement option, from the date of the death of an insured or annuitant in...”

• N.Y. Ins. Law Article 32 § 3201(c)(5) (Nonforfeiture Calculation Method Disclosure)

  “(5) The superintendent shall not approve any annuity or life insurance policy form which is subject to the provisions of section four thousand two hundred twenty, four thousand two hundred twenty-one or four thousand five hundred eleven of this chapter, unless a detailed statement of the method...”

• N.Y. Ins. Law Article 32 § 3215(a)(3) (Disability Benefits: Written Notice of Claim)

  “That written notice of claim be given to the insurer during the lifetime of the insured and during the period of total disability. Failure to give such notice shall not invalidate or reduce any claim if it shall be shown not to have been reasonably possible to give such notice and that notice was...”

• N.Y. Ins. Law Article 32 § 3201(a) (Definition of "policy form")

  “The term "policy form" shall not include an agreement, special rider, or endorsement relating only to the manner of distribution of benefits or to the reservation of rights and benefits used at the request of the individual policyholder, contract holder or certificate holder.”

Practice this material

Questions about this source

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• N.Y. Ins. Law s. 3203: Individual life insurance policies; standard provisionsState statute