Life Insurance Policy Provisions, Options, and Riders
What notice does section 3230 require in the application for a policy providing accelerated death benefits?
Answer and explanation
Answer: C. Section 3230 requires the application to carry notice that receipt of accelerated death benefits may affect eligibility for public assistance programs and may be taxable, and to disclose any additional premium or discount associated with acceleration. The other statements are not what the section prescribes.Source: N.Y. Ins. Law § 3230 — § 3230
More life insurance policy provisions, options, and riders questions
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- What does an accidental death benefit rider generally provide when the insured dies from a covered accident?
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