Illustration (Life Insurance)

It summarizes the policy's key facts, such as the insured, owner, beneficiary, face amount, premium, and effective date, so the owner can verify them — The specifications or policy data page is the summary sheet that identifies the named insured, policyowner, beneficiary, policy number, face amount, premium, premium mode, riders, and the policy's effective date. Its purpose is to let the policyowner quickly verify that the issued policy matches the application and the terms discussed at the point of sale. Errors found on this page should be reported to the insurer promptly.

National insurance concept

Help the consumer compare the relative cost of similar life insurance policies — The buyer's guide and cost indexes are disclosure tools designed to help consumers make an informed comparison of the cost of competing life insurance policies. The buyer's guide explains policy features and the cost indexes (such as the interest-adjusted cost index) provide a standardized way to compare policies that have different premium and dividend structures. These disclosures are required at or before policy delivery so that the buyer understands what is being purchased. They do not alter the policy or guarantee performance — they inform the purchasing decision.

National insurance concept