What must be delivered to a policy owner upon the sale of an individual life insurance policy in North Carolina?

In North Carolina, when an individual life insurance policy is sold, the law requires that the policy owner is provided with a policy summary and a buyer's guide. This requirement is in place to ensure that consumers have a thorough understanding of the terms and features of the insurance product they are purchasing, as well as the rights and responsibilities tied to the policy.

The policy summary typically includes key information such as the premium amount, cash value, death benefit details, and any riders attached to the policy, giving the owner a clear picture of what they are buying. The buyer's guide serves as a consumer education tool, outlining the various types of life insurance available and helping individuals make informed decisions based on their needs and circumstances.

While other documents like a receipt of payment, confirmation letter, or health disclosure statement might also be important in the insurance transaction, they do not fulfill the specific legal requirement aimed at promoting transparency and informed decision-making for the policy owner. Thus, providing a policy summary and buyer's guide is crucial in the context of life insurance sales in North Carolina.