State RegulationsNC specificDifficulty 2/5
When must a North Carolina insurer deliver the Buyer's Guide and Policy Summary for a life policy that has no unconditional refund provision?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under G.S. 58-60-15, the insurer must provide the Buyer's Guide and Policy Summary before accepting the initial premium deposit, unless the policy contains an unconditional refund provision of at least 10 days (or the Summary itself offers one) — in that case delivery with or at policy delivery is sufficient. The refund exception rewards insurers that give applicants a no-strings return right.
Why the other options are wrong
- A) Thirty days belongs to the replacement return right, not to Buyer's Guide delivery timing.
- C) No end-of-first-year delivery rule exists for disclosure documents.
- D) Delivery is mandatory on the insurer's own initiative, not merely on the applicant's written request.
Memory hook
Guide first, premium second — unless a ten-day refund rides along.