What two documents must be presented to a prospective purchaser during the application process?

The requirement to present specific documents during the application process for life and health insurance ensures that prospective purchasers receive essential information that can assist them in making informed decisions. The Buyer's Guide and Policy Summary are integral to this process.

The Buyer's Guide serves as an essential resource that provides potential policyholders with a clear understanding of the different types of insurance products available, their features, benefits, and what to consider before purchasing. This document helps to educate the consumer about the insurance market and promotes transparency.

The Policy Summary, on the other hand, provides key details about the specific policy being considered, including coverage options, limitations, costs, and terms. This document ensures that consumers know exactly what they are buying and what protections or limitations come with the policy.

Together, these documents provide a comprehensive overview that empowers consumers to make informed choices regarding their insurance needs. They encourage informed decision-making practices and ensure that ethical standards are upheld in the sales process. Providing complete and accurate information is crucial for fostering trust between insurance agents and their clients.