Which of the following will be included in a policy summary?

A policy summary is a document that provides essential information about a life insurance policy in a concise format. This summary typically includes details that help an individual understand the financial aspects of the policy.

Premium amounts and surrender values are critical elements of this summary because they inform the policyholder about the required payments and the potential returns or cash value they can access if they decide to surrender the policy before its maturity. These financial details are integral to assessing the cost-effectiveness and overall value of the insurance product, making them essential components of a comprehensive policy summary.

In contrast, while comparisons with similar policies, beneficiary designations, and copies of illustrations and applications may be important documents in the overall underwriting and decision-making process, they are not standard contents of the policy summary itself. Beneficiary designations pertain more to the policy’s terms rather than the summary, which is focused on the policy's financial features. Similarly, comparisons and copies of application illustrations provide context and comparison but do not represent the specific financial summary intended to help policyholders evaluate their investment in the insurance policy.