State RegulationsIL specificDifficulty 2/5
Which of the following best describes what a policy summary in an Illinois individual life insurance sale must present?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under the Illinois life solicitation rule (50 Ill. Adm. Code 930), the policy summary exists to describe the elements of the specific policy being sold — its benefits, premiums, and key cost information — accurately and in a form the applicant can use to evaluate the purchase. A summary that hides benefits and costs, or that substitutes marketing material for factual disclosure, would fail the rule's purpose as enforced by the Illinois Department of Insurance.
Why the other options are wrong
- A) Exclusions alone give the applicant no picture of what the policy provides or what it costs.
- C) The producer's commission schedule is not the content of the policy summary; the summary informs the applicant about the policy.
- D) A rating does not describe the policy's terms; the summary must cover the policy's benefits, premiums, and costs.
Memory hook
Summary = benefits, premiums, costs — the policy's facts on one sheet.