L&HGeorgiamedium
Under the NAIC Life Insurance Illustrations Model Regulation, when a policy is marketed with an illustration, what must the producer leave with the applicant at the time of policy delivery?
A signed illustration conforming to the policy as issued (revised if values changed)
BOnly the basic policy contract; illustrations are for solicitation only and must be retrieved
CA verbal summary of illustrated values is sufficient if the policy is issued as applied for
DOnly the guaranteed-value table from the contract; the illustration itself is the insurer's property
Why this is the answer
This delivery rule comes from the NAIC Life Insurance Illustrations Model Regulation (Section 9). When an illustration is used in the sale, a copy signed by the applicant and the producer is submitted to the insurer with the application, and a copy is given to the applicant. If the policy is issued on a different basis than illustrated (e.g., different rating class), a revised illustration conforming to the policy as issued must be sent with the policy and signed by the applicant and producer no later than the time the policy is delivered.
Studying for the Georgia Life & Health exam?
This question comes from our L&H bank. Take a free practice test — no signup.