In the context of life insurance in Georgia, what does "illustration" refer to?

In the context of life insurance in Georgia, the term "illustration" refers to a presentation that explains how a specific life insurance policy functions, including projections of benefits and values over time. This typically encompasses details about premiums, cash values, death benefits, and potential dividends, allowing consumers and agents to visualize the long-term implications of the policy.

Illustrations are important tools for both agents and clients as they provide a clear understanding of how a policy will perform under various scenarios. By presenting projected values and benefits, these illustrations help clients make informed decisions about their life insurance options, aligning their financial goals with the policy's capabilities.

While other options mention reports, summaries, or brochures, they do not accurately capture the essence of what an "illustration" signifies in the life insurance sector, which centers specifically on depicting the functioning and financial outcomes of a policy.