Life Insurance Policies
An employee's group cover ends and the employee dies eighteen days later, having applied for no individual policy. What does section 3220 provide?
Answer and explanation
Answer: D. Section 3220 makes the amount the member was entitled to apply for payable as a death benefit where death occurs during the thirty-one day period before any individual policy takes effect. The privilege therefore operates as cover throughout that window.Source: N.Y. Ins. Law § 3220 — § 3220
More life insurance policies questions
- Why is the premium for a $1,000,000 survivorship life policy lower than for a $1,000,000 joint first-to-die policy on the same two lives?
- Within what period must a member apply to convert group life insurance to an individual policy in New York?
- A 20-year term policy allows conversion only during its first 12 years. What happens to the conversion privilege after year 12?
- A 20-year term policy permits conversion only during its first 12 years. Which statement correctly describes the feature?
- A client has a lump sum from an inheritance and wants to leave the largest possible sum to heirs, with no further payments.
- A client holds employer-provided level term cover and asks whether personal term insurance is still needed.
621 New York questions like this one.
Every answer explained, the ones you miss come back on a spaced schedule, and a plan built from your exam date.