Life Insurance Policies
Which event gives rise to the conversion right under section 3220?
Answer and explanation
Answer: D. The right arises where the insurance on an employee or member ceases because of termination of employment or is reduced, which are the circumstances section 3220 addresses. A change of insurer or of contribution rate does not by itself trigger it.Source: N.Y. Ins. Law § 3220 — § 3220
More life insurance policies questions
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- What does the floor in a fixed indexed life policy do?
- What does the owner of a level term policy receive if the policy reaches the end of its term without a claim?
- What does the survivor purchase option in a joint life policy commonly provide?
- What evidence of health must a member give to exercise the group conversion privilege?
- What external measure is commonly used to determine interest credits in indexed universal life?
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