What document serves as a summary of the policy's coverage and features?

The document that serves as a summary of the policy's coverage and features is known as a Policy Summary. This critical document provides potential policyholders with essential information about the insurance policy they are considering. It typically outlines the key features of the insurance product, including the type of coverage, benefits, premium amounts, and any policy limits.

The Policy Summary is designed to facilitate informed decision-making by presenting the information in a clear and concise manner, making it easier for consumers to understand the terms of the coverage and make comparisons between various policies. Having this summary helps ensure transparency and aids in the consumer's evaluation process, ultimately leading to better choices when it comes to life insurance.

In contrast, other choices serve different purposes. A Buyer's Guide generally offers broader information about different types of insurance products and market practices rather than specific coverage details of a single policy. A Coverage Agreement is typically a section within a policy document that describes the terms of coverage rather than providing a summary. A Disclosure Statement may relate to any number of important items required by law, such as fees or potential conflicts of interest, but it does not specifically summarize the coverage and features of a life insurance policy.