State RegulationsGA specificDifficulty 1/5
Under Georgia's solicitation regulation, Reg. 120-2-31, what is the purpose of the Policy Summary given to a prospective life insurance applicant during solicitation?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under Reg. 120-2-31, solicitation materials such as the Buyer's Guide and Policy Summary must describe the policy's key features so the applicant can compare products, including distinguishing guaranteed values from non-guaranteed values. The Policy Summary is a disclosure tool for the sales process, not the contract itself.
Why the other options are wrong
- A) Wrong: the Policy Summary does not replace the application or the policy; the issued policy remains the binding contract.
- B) Wrong: the Policy Summary's function is to explain policy features, not to disclose commission arrangements.
- C) Wrong: medical history is captured in the application and underwriting process, not in the solicitation summary.
Memory hook
Summary before signature: show what is promised and what is only projected.