Need A Financial Product › Forums › Insurance › Is life insurance sales illustration, a legal document like a contract?

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  • October 2, 2014 at 3:43 am #47694
    samkapoor77
    Keymaster

    Is life insurance sales illustration, a legal document like a contract?

    October 4, 2014 at 8:46 am #47695
    samkapoor77
    Keymaster

    A sales illustration is not a legal document and legal obligations of a life insurance policy are spelled out in the policy itself. Therefore, a policyholder must read the fine print of the contract carefully to ensure that he/she understands the exact nature of the policy, the risks that are covered as well as the limits or exclusion clauses, before signing the contract.

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