L&HNew Yorkmedium
Under NY Insurance Law § 3209, what document must a New York life insurer (or its producer) deliver to a prospective applicant for life insurance to ensure informed comparison shopping?
A 'Life Insurance Buyer's Guide' and a policy summary or preliminary information form
BA SEC-prepared mutual fund prospectus
CThe NAIC Annuity Disclosure Document
DThe NY Health Care Bill of Rights
Why this is the answer
NY Ins. Law § 3209 codifies New York's life insurance pre-sale disclosure regime, commonly known as LIBR (Life Insurance Buyer's Reform / Buyer's Right). Insurers must deliver a 'Buyer's Guide to Life Insurance' that explains the basic kinds of life insurance and a preliminary information form or policy summary that lays out specific costs and values of the recommended product. Delivery must occur before the applicant binds, except for direct-response and certain mass-marketing exceptions. Per NY Ins. Law § 3209.
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