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October 24, 2003 at 08:00 PM
NU Online News Service, Oct. 24, 2003, 6:12 p.m. EDT – New York state insurance regulators say disability benefits and accidental death benefits sold along with life insurance policies are exempt from three war risk exclusion provisions that apply to the underlying life insurance policies.
The Life Bureau of the New York State Insurance Department issued Circular Letter Number 6, a summary of the rules governing war risk limitations, in March.
According to the circular letter:
- The underlying life insurance policy must warn the policyholder about any war risk exclusions or restrictions in red capital letters on the policy’s face page.
- The issuer of a life policy must notify regulators about any war risk exclusions or restrictions.
