State RegulationsOH specificDifficulty 3/5
For a life policy applied for on or after the effective date of Ohio's illustration rule, what may the accompanying policy summary show regarding the policy's values?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under OAC 3901-6-03(E)(1)(a) together with OAC 3901-6-04, for policies applied for on or after the illustration rule's effective date, a policy summary may show only guaranteed elements. Non-guaranteed projections and scenarios belong in the regulated illustration format, which carries its own content and disclosure standards, and may not be smuggled into the policy summary.
Why the other options are wrong
- B) Non-guaranteed projections are confined to the illustration format under OAC 3901-6-04 and may not appear in the policy summary.
- C) No blended or midpoint presentation is permitted in the policy summary; only guaranteed elements are allowed.
- D) The insurer has no discretion on this point — OAC 3901-6-03(E)(1)(a) fixes the rule at guaranteed elements only.
Memory hook
Summary shows only what's guaranteed; projections live in the illustration.