What is a written statement that describes the elements of a life insurance policy called?

A written statement that describes the elements of a life insurance policy is known as a Policy Summary. This document is essential because it provides a concise overview of the key features and benefits of the insurance product, including elements such as the coverage amount, premium details, terms of the policy, and any riders or additional features that may be included.

Having a Policy Summary allows consumers to understand the fundamentals of their insurance policy clearly and helps them compare different policies, ensuring they make informed decisions regarding their life insurance needs. This summary serves as a quick reference point that encapsulates the most critical aspects without needing to dive into the full policy text, which can often be lengthy and complex.

Contextually, while other terms like "Policy Description" or "Coverage Details" may sound relevant, they do not specifically denote the official summary document that captures these critical elements in life insurance. "Insurance Outline" is also not the standard term used in the industry, further highlighting why "Policy Summary" is the correct choice.