When must a buyer's guide and policy summary be delivered?

The requirement for a buyer's guide and policy summary to be delivered with or prior to the delivery of the policy is based on regulations designed to ensure that consumers have all necessary information before committing to a policy. This timing allows the buyer to review the essential features, benefits, and terms of the insurance policy, thereby facilitating an informed decision about whether to proceed with the purchase.

Providing these documents at this stage ensures transparency in the underwriting process and helps to build trust between the insurer and the insured. The buyer's guide typically outlines the basic types of coverage available and explains key terms, while the policy summary gives a brief overview of what the specific policy includes.

Other timings, such as before policy renewal, with the initial application, or after a claim is made, do not comply with the intent to educate and inform the potential policyholder adequately prior to binding coverage. Therefore, delivering these materials at the correct time is vital for consumer protection and compliance with Maryland laws regarding insurance practices.