State RegulationsFL specificDifficulty 1/5
Which statement best describes the Policy Summary that accompanies a Florida life insurance solicitation?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under Fla. Stat. 626.99(4)(a), the Policy Summary is delivered together with the Buyer's Guide before the initial premium is accepted, unless the policy carries at least a 14-day unconditional refund. Unlike the generic Buyer's Guide, the Policy Summary describes the particular policy being purchased, including its premium, benefits, and values, so the applicant can evaluate the actual contract proposed.
Why the other options are wrong
- A) The generic shopping brochure is the Buyer's Guide; the Policy Summary is specific to the policy being applied for.
- C) The summary is a disclosure document; it does not replace the actual insurance contract the applicant will receive.
- D) The DFS does not issue comparative rate lists; the summary is prepared for the specific policy applied for.
Memory hook
Buyer's Guide is generic; Policy Summary is your policy on paper.