What document must be provided to a life insurance applicant upon policy delivery?

The document that must be provided to a life insurance applicant upon policy delivery is the Buyer's Guide. The Buyer's Guide serves as an essential informational resource that helps consumers understand the different types of life insurance products available, their features, and the basic concepts associated with them. It is designed to promote informed decision-making, ensuring that applicants know what to expect from their policy and can better assess their insurance options.

In the context of life insurance, providing a Buyer's Guide at the time of policy delivery is a regulatory requirement aimed at safeguarding consumer interests. It allows individuals to review important information right before finalizing their purchase, encouraging them to ask any remaining questions or seek clarification on aspects of the insurance policy they may find confusing.

While the insurance policy itself is important, it is provided as part of the delivery and not necessarily required to be given in advance as a separate document. A claim form and coverage outline, while useful documents, are not mandated to be provided specifically at the time of policy delivery in the same way the Buyer's Guide is. Thus, the requirement for a Buyer's Guide emphasizes the importance of consumer education in the insurance process.