Life Insurance Policy Provisions, Options, and Riders
What problem does the entire contract provision address?
Answer and explanation
Answer: A. The entire contract provision confines the agreement to the policy and, where attached, the application, so the owner can read everything that binds him. Underwriting practice, appointment, and assignment are governed by other provisions.Source: N.Y. Ins. Law § 3203 — 3203(a)(4), Purpose of the provision
More life insurance policy provisions, options, and riders questions
- Why does the one-year term dividend option produce more death benefit per dividend dollar than paid-up additions?
- Why is a dividend on a participating life policy generally not taxable to the owner?
- Why is naming a minor directly as beneficiary of a life policy usually discouraged?
- Why might an owner name a trust as the beneficiary of a life insurance policy?
- A beneficiary elects a fixed period of ten years and dies in year six. What becomes of the remaining instalments?
- A beneficiary receiving instalments under a spendthrift clause offers those future payments as security for a loan. What is the position?
621 New York questions like this one.
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