What must an insurer provide to a prospective buyer?

An insurer is required to provide a Buyer’s Guide and Policy Summary to a prospective buyer. This document serves a crucial purpose in the insurance purchasing process: it educates consumers about the insurance products available to them. The Buyer’s Guide outlines fundamental concepts related to insurance and highlights various types of policies, helping potential buyers make informed decisions about what coverage they may need.

The Policy Summary complements the Buyer’s Guide by detailing the specific features, benefits, and limitations of the policy being considered. By providing these materials, insurers ensure transparency and assist consumers in understanding critical information before they commit to purchasing an insurance product. This practice not only helps in promoting informed consumer choices but also aligns with regulatory requirements to protect consumers in the insurance marketplace.