Final answer:
The outline of coverage must be delivered at the time of policy delivery, which ensures that policyholders have immediate access to important information about their insurance coverage.
Step-by-step explanation:
The answer to the question, "What is the latest that the outline of coverage can be delivered?" is B. At the time of policy delivery. As per insurance regulations, the outline of coverage must be provided to the policyholder at the time the insurance policy is delivered.
This document gives a summary of the terms, coverage, and exceptions of the policy, allowing the insured to understand their benefits and responsibilities under the contract they're entering into with the insurer. Providing the outline of coverage at the time of policy delivery ensures transparency and that the policyholder has immediate access to the critical information about their coverage.