Which document must contain a "Statement of Policy Cost and Benefit information"?

The correct response is that a policy summary must contain a "Statement of Policy Cost and Benefit information." A policy summary serves as a concise overview of the key features and terms of an insurance policy. It is intended to provide consumers with essential details in a clear and easily understandable format, allowing them to make informed decisions regarding their insurance coverage.

Including a statement of policy cost and benefit information in the policy summary ensures that the insured is directly informed about the costs associated with the insurance, such as premiums, deductible amounts, and any applicable fees, as well as the benefits provided by the policy. This transparency is vital for consumers to assess whether the policy meets their needs and offers an adequate balance between cost and coverage.

In contrast, while an insurance policy itself contains all the terms, conditions, and specifics regarding the coverage, it is typically more detailed and complex and may not highlight costs and benefits as straightforwardly as a summary. The policy declaration provides a snapshot of the coverage but does not usually delve into the detailed cost-benefit breakdown. A claim form, on the other hand, is used to report losses and does not encompass policy-related information like cost and benefits.