Life Insurance Policies
Within what period must a member apply to convert group life insurance to an individual policy in New York?
Answer and explanation
Answer: C. Section 3220 gives the employee or member thirty-one days from the termination or reduction of the group insurance to apply for the individual policy. The fifteen, sixty and ninety day figures do not correspond to the conversion privilege.Source: N.Y. Ins. Law § 3220 — § 3220
More life insurance policies questions
- What happens under a whole life policy if the insured lives to the contract's maturity age?
- What is distinctive about the cash value of a single premium whole life policy in its first year?
- What is experience rating in a group life plan?
- What is limited about a limited payment whole life policy?
- What is the difference between the guaranteed and the current premium shown for a level premium term policy?
- What is the function of a probationary period in a group life plan?
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