L&HNew Yorkeasy
Under NY Insurance Law § 1113, which of the following best identifies an authorized 'life insurance' line of business in New York?
AA contract reimbursing repair costs to insured real property
A contract paying benefits contingent on the continuance or cessation of human life
CA surety bond guaranteeing performance of a contract
DA title insurance policy insuring marketable title to real estate
Why this is the answer
NY Insurance Law § 1113 enumerates the 'kinds of insurance' authorized in New York. Paragraph (a)(1) defines life insurance as 'every insurance upon the lives of human beings, and every insurance appertaining thereto, including endowments and annuities.' The defining trigger is the continuance or cessation of a human life. Property repair coverage is property/casualty, surety bonds are § 1113(a)(16), and title insurance is § 1113(a)(18). Only option (b) tracks the statutory test.
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