What type of document describes the features and elements of the insurance policy being issued?

The correct answer is the Policy Summary. This document provides a clear and concise overview of the insurance policy's key features and elements, allowing the policyholder to understand the important aspects of the coverage they are purchasing. It typically includes information such as the premium amount, the death benefit, any riders or endorsements attached to the policy, and the terms and conditions of coverage.

A Policy Summary is essential in helping consumers make informed decisions by laying out the specifics of the policy in a straightforward manner. This transparency is vital, as it helps policyholders to compare different insurance products and understand what they are agreeing to when entering into a contract with an insurer.

Other documents serve different purposes. For example, a Life Insurance Illustration projects potential cash values and death benefits over time, but it often includes hypothetical projections based on certain assumptions, which can sometimes be more complex than a simple summary. The Buyers Guide is meant to educate consumers about life insurance in general and guide them through the purchasing process, but it does not describe the specific features of the insurance policy. The term Field Underwriter refers to the agent or representative who assists in the underwriting process but is not a document that outlines policy features.