Final answer:
The policy summary for a life insurance policy must be given to the policyowner within a specific timeframe if it is not given during the application process. This is to ensure that the policyowner is aware of the details and terms of the policy before accepting it.
Step-by-step explanation:
The policy summary for a life insurance policy must be given to the policyowner within a specific timeframe if it is not given during the application process. According to regulations, if the policy summary is not provided at the time of application, it must be delivered to the policyowner no later than the time of policy delivery.
This is to ensure that the policyowner is aware of the details and terms of the policy before accepting it. The policy summary provides a concise overview of the policy, including key features, benefits, and any exclusions or limitations.
By providing the policy summary, the insurance company allows the policyowner to make an informed decision and understand what they are getting with the life insurance policy.