N.Y. Insurance Law § 4509: Certificates; applications; effect of changes in corporate documents

§ 4509. Certificates; applications; effect of changes in corporate

documents. Every authorized society shall issue to each insured member,

except a spouse or children under the age of twenty-one years insured as

members pursuant to subsection (b) of section four thousand five hundred

five of this article, a certificate specifying the amount or amounts of

insurance benefits provided thereby. The application for insurance, and

the declaration of insurability, if used in lieu of a medical

examination as herein provided, shall be signed by the applicant, and,

unless society does not make the application a part of the contract or

agreement with the member or applicant, a copy thereof shall be attached

thereto, and all statements made by the applicant therein shall be

deemed representations and not warranties. Every adult insurance member

entitled to life insurance benefits shall, as to each application for

life insurance, have furnished evidence of insurability acceptable to

the society. The certificate, together with any riders or endorsements

attached thereto, the articles of incorporation, constitution and

by-laws of the society, and the application and declaration of

insurability, if any, attached as aforesaid, shall constitute the entire

contract, as of the date of issuance, between the society and the

insured member; and copies of the same, certified by the secretary or

corresponding officer of such society, shall be received in evidence to

show the terms and conditions of such contract. In the case of

certificates that provide that the death benefit or other certificate

provisions may be changed by written application or by the written

notice of exercise of one or more options provided in the certificate,

or automatically by the terms of the certificate, the certificate may

also contain a provision that when such written application or notice of

exercise of an option is accepted by the society or a notice of any

change is issued by the society and, in each case, a copy of such

application or notice is returned by mail or delivered to the

certificate holder at the certificate holder's last post office address

known to the society, such application or notice shall become part of

the entire contract between the parties. Any changes, additions or

amendments to said articles of incorporation, constitution or by-laws

duly made or enacted subsequent to the issuance of any certificate,

other than a certificate or contract providing variable benefits

pursuant to a separate account, shall bind the member and his

beneficiaries, and shall thereafter govern and control the agreement in

all respects, except that no change, addition, or amendment shall

destroy or diminish benefits which the society contracted to give the

members as of the date of issuance.