State RegulationsMI specificDifficulty 2/5
When soliciting a life insurance policy in Michigan, a producer asks which disclosure documents must be provided to the applicant. Under the Michigan Administrative Code solicitation rules, the correct answer is:
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Michigan Administrative Code R 500.1371 to R 500.1387, together with M.C.L. 500.1371 to M.C.L. 500.1383, require the buyer's guide and the policy summary as the core disclosure documents in the solicitation of life insurance. The buyer's guide supplies generic education about life insurance, while the policy summary supplies the product-specific description of the contract being considered, and one cannot substitute for the other.
Why the other options are wrong
- A) The application form is the request for coverage, not the required disclosure set.
- B) An illustration may be required for certain sales, but it does not replace the buyer's guide and policy summary disclosures.
- C) Providing only the policy summary omits the generic buyer's guide education that the Michigan rules also require.
Memory hook
Two documents, two jobs: the guide educates, the summary describes.