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What must a policy summary contain?

  1. The name of the policyholder

  2. The date on which the policy summary is prepared

  3. The total premiums paid

  4. The information of the insurance agent

The correct answer is: The date on which the policy summary is prepared

A policy summary is an essential document that provides key insights into an insurance policy. It should include critical information that helps policyholders understand their coverage and associated details. Among the necessary components, the date on which the policy summary is prepared is vital as it provides context for the information presented. This date helps policyholders determine the relevance and accuracy of the data, particularly in the context of any changes that may occur in the policy or the policyholder's circumstances over time. Including the preparation date in a policy summary ensures that both the insurer and the insured are clear on the timing of the document's creation, which can be important when assessing the policy's specifics or when reviewing it at a later date.