Washington Life Producer Practice Exam

A producer selling an individual life insurance policy in Washington is REQUIRED to deliver which document to the policyowner?

1. Policy Summary and Buyer's Guide

2. Policy contract only

3. Claim form

4. Insurance glossary

The correct answer is: Policy Summary and Buyer's Guide

In Washington, a producer selling an individual life insurance policy is required to deliver both a Policy Summary and a Buyer's Guide to the policyowner. The Policy Summary provides key features of the policy, including the benefits, limitations, and scenario of the coverage. It helps the policyowner understand what they're purchasing and outlines the essential details of the policy. The Buyer's Guide is an important educational tool that provides information about life insurance in general, helping consumers make informed decisions. By providing these documents, producers ensure that policyowners have the necessary information about their coverage before finalizing the purchase, promoting transparency and better understanding. The policy contract alone does not equip the policyowner with the full context and details about their new policy or the broader market, while claim forms and insurance glossaries do not fulfill the requirement to inform and educate the buyer regarding the specifics of the policy at the point of sale. Thus, the combination of the Policy Summary and Buyer's Guide is crucial in the sales process of life insurance policies in Washington.