Delivering the Policy

Statement of Good Health

-Verifies that the insured has not suffered injury or illness since the application date -must be signed by the insured

Illustration

-A presentation or depiction that includes the nonguaranteed elements of a policy of individual or group life insurance over a period of years -It must do the following: 1. Distinguish between guaranteed and projected amounts 2. Clearly state that an illustration is not part of the contract 3. Identify those values that are not guaranteed as such

If the Full Premium Was Submitted with the Application

-As long as the policy was issued as requested, the policy coverage would generally coincide with the date of application

Methods of Delivery

1. Hand delivery 2. Mailing

Buyer's Guide

- Provides basic, generic info about life insurance policies that contains, and is limited to, language approved by the Department of Insurance. - Explains how a buyer should go about choosing the amount and type of insurance to buy, and how a buyer can save money by comparing the costs of similar policies. -Insurers must provide a buyer's guide to all prospective policy applicants prior to accepting their initial premium. -If the policy contains an unconditional refund provision of at least 10 days (free-look period), a buyer's guide can be delivered with the policy.

Policy Summary

-A written statement describing the *features and elements* of the policy being issued -Must be provided when the policy is delivered -Must include: 1. the name and address of the agent, 2. full name and home office or administrative office address of the insurer, 3. generic name of the basic policy and each rider -It will also include (for specific policy years): 1. premium 2. cash value 3. dividend 4. surrender value 5. death benefit

If the Initial Premium Is Not Paid with the Application

-The agent will be required to collect the premium at the time of the policy delivery -In this case the policy does not go into effect until the premium has been collected -The agent may also be required to get a *statement of good health* from the insured