Life Insurance Policy Provisions, Options, and Riders
How may an accelerated payment of the death benefit be provided under New York law?
Answer and explanation
Answer: C. Section 3230 speaks of life insurance policies or policy riders or provisions of them that provide for accelerated payment of the death benefit, so either form is permitted. It does not require a separate contract, a two year wait, or drafting into the original policy alone.Source: N.Y. Ins. Law § 3230 — § 3230
More life insurance policy provisions, options, and riders questions
- How does a survivorship clause in a common disaster provision operate?
- How does an automatic premium loan come to apply to a policy?
- How does the interest only settlement option work?
- How does the reduction of premium dividend option work?
- How does waiver of cost of insurance differ in effect from waiver of premium on a fixed whole life policy?
- How is a children's term rider ordinarily priced and applied?
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