State RegulationsNC specificDifficulty 2/5
When must an insurer deliver the Buyer's Guide and Policy Summary for a North Carolina life policy?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under G.S. 58-60-15, the insurer must provide the Buyer's Guide and Policy Summary prior to accepting the initial premium deposit. The exception allows delivery with or at policy delivery when the policy (or the Policy Summary offer) contains an unconditional refund provision of at least 10 days, so the applicant still has a cost-free chance to reconsider.
Why the other options are wrong
- A is wrong because the documents must be delivered before the initial premium is accepted, not 15 days afterward.
- B is wrong because the free-look period ends after delivery; the disclosure obligation attaches at the start of the transaction, not its end.
- C is wrong because delivery of the Buyer's Guide and Policy Summary is mandatory for every sale; it is not triggered only by applicant request.
Memory hook
Guide and Summary first, money second - unless a 10-day refund rides along at delivery.