State RegulationsFL specificDifficulty 1/5
What does the Policy Summary that accompanies a Florida life policy provide?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under Fla. Stat. 626.99(4)(a) and the disclosure rules it anchors, the Policy Summary is a brief statement - prepared by the insurer - of the policy's principal features: the premium, the death benefit, dividend information, and the cash value figures over time. It is the consumer's quick reference for what the policy actually promises, which is why it must be delivered before the initial premium unless the policy carries an unconditional refund.
Why the other options are wrong
- A) The underwriting file is the insurer's internal record and is not disclosed to the applicant as the summary.
- B) A history of the applicant's other policies is not what the summary contains.
- C) The agent's commission schedule is not part of the Policy Summary.
Memory hook
Policy Summary = the policy on one page: premium, benefit, cash value.