New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 41 - Accelerated Payment Of The Death Benefit Under A Life Insurance Policy
Section 41.6 - Benefit eligibility
Current through Register Vol. 46, No. 39, September 25, 2024
(a)
(b) The accelerated death benefit provision shall be effective on the issue date of the policy, certificate or rider.
(c) Accelerated payment of death benefits may be made available for in-force policies by written notification to the policyowner or certificateholder. Written acceptance by the policyowner or certificateholder will be required for all riders which provide for a separate premium charge or cost of insurance charge if the policyowner or certificateholder is required to pay such charges.
(d) This Part shall not apply to policies providing benefits subject to section 52.12 or 52.13 of this Title, except as expressly provided for in this Part, in the case of policies that accelerate the death benefit pursuant to Insurance Law section 1113(a)(1)(C) or (D). This Part shall not apply to policies providing benefits subject to sections 39.0, 39.1, 39.2 and 39.3 of this Title.