State RegulationsIL specificDifficulty 2/5
An Illinois applicant asks a producer to explain what a 'policy summary' is in a life insurance sale. Which response is accurate?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under the Illinois life solicitation rule (50 Ill. Adm. Code 930), the policy summary is the policy-specific written disclosure: a description of the elements of the particular individual life policy being solicited, including its benefits, premiums, and key cost information, so the applicant can evaluate the actual contract rather than a generic description. It complements, and is distinct from, the general-education Buyer's Guide.
Why the other options are wrong
- A) The Buyer's Guide is the general education document; the policy summary is the policy-specific description.
- B) The entire-contract clause is a policy provision, not the applicant-facing cost and benefit disclosure.
- C) A group certificate is the employee's evidence of coverage under a master contract, which is treated separately from individual policy summaries.
Memory hook
Summary = the specific policy on paper; guide = the general lesson.