How often must insurers provide clients with an overview of their policy terms?

Insurers are required to provide clients with an overview of their policy terms at least annually to ensure that policyholders are fully informed about the coverage, benefits, and any changes that may have occurred in the policy or regulations. This practice promotes transparency and helps maintain a strong relationship between the insurer and the policyholder by keeping the client updated on crucial information regarding their insurance.

Offering this overview annually ensures that policyholders can review their coverage options, understand their rights, and make informed decisions regarding their insurance needs. It serves as a proactive approach by insurers to remind clients about the details of their policies, which can be complex and may change over time.

In contrast, providing this information only upon the initiation of the policy or solely upon the request of the policyholder would not adequately support informed consumer choices throughout the duration of the policy. Similarly, extending the timeframe to every two years may not sufficiently address the dynamic nature of insurance policies and potential changes in client circumstances or needs.