New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 53 - Life And Annuity Cost Disclosure And Sales Illustrations
Subpart 53-2 - Disclosure Requirements
Section 53-2.3 - Additional disclosure rules for graded death benefit life insurance issued between ages 50 and 75
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Preliminary information.
"Since this policy is issued with minimal or no medical underwriting, the premium rate charged includes an extra mortality risk charge. If you are healthy enough to qualify as a "standard" risk, premiums would likely have been lower if you had applied for a fully underwritten policy."
(b) Policy summary.
"This is a policy issued on the basis of minimal or no underwriting. The premium charged includes an extra mortality charge. If you are healthy enough to qualify for a "standard" life insurance policy, your premiums would likely have been lower if you had applied for a fully underwritten policy. You should carefully review this document to make sure the policy is suitable for you. If you are not entirely satisfied, please review the cancellation provision in the policy for directions on obtaining a refund of any premiums paid."
