State RegulationsNY specificDifficulty 1/5
Under the New York Insurance Law, the entire contract between a life insurer and the policyholder consists of:
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under N.Y. Ins. Law §3203(a)(4), the entire contract in an individual life policy consists of the policy itself and the copy of the application attached to it when issued. Statements in that application are representations, not warranties, under §3204, and nothing outside the policy-and-application package — illustrations, verbal promises, or the Buyer's Guide — is part of the contract.
Why the other options are wrong
- A) Sales illustrations are not part of the entire contract; §3203(a)(4) limits the contract to the policy and the attached application.
- C) The Buyer's Guide is a disclosure document, not a contractual component of the policy.
- D) Agent statements are outside the policy-plus-application contract; that is precisely why the entire-contract clause exists.
Memory hook
Entire contract = policy + attached application; everything else is just talk.