What is included in a policy summary?

A policy summary is an important document that provides an overview of the key elements of a life insurance policy. It typically includes information such as the basic policy type, premium amounts, death benefits, and any additional riders or options available within the policy.

When considering the correct answer, the inclusion of the generic name of the basic policy serves a crucial function. It informs the policyholder about the fundamental nature of their insurance coverage, helping them understand what kind of policy they are purchasing. This is essential for making informed decisions about coverage and understanding the protections offered by the insurance.

In contrast, focusing solely on the death benefit amount or just the name of the agent does not provide a comprehensive picture of the policy. A policy summary is meant to encapsulate a broader range of information that aids in assessing the policy's suitability for the policyholder's needs. This makes it clear why the generic name of the basic policy is the correct answer, as it is part of the essential information that a summary should convey.