State RegulationsIL specificDifficulty 2/5
An Illinois agent delivers an individual whole life policy but never provided the applicant with the Buyer's Guide or a policy summary during the solicitation. Which statement is accurate?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
The life solicitation rule (50 Ill. Adm. Code 930) requires the Buyer's Guide and policy summary to reach the prospective purchaser during the solicitation of an individual life policy. Skipping them is a disclosure failure by the producer and the supporting insurer, and the Illinois Department of Insurance can pursue regulatory remedies for the violation. The applicant's silence does not cure the omission.
Why the other options are wrong
- A) Policy issuance and delivery do not erase the disclosure duties that attach during solicitation.
- B) The duty to provide the disclosure documents rests on the producer and insurer, not on the applicant's initiative.
- C) Payment of the initial premium does not end the disclosure obligations; they attach to the solicitation itself.
Memory hook
No guide, no summary, no sale done right — disclosure comes first.