What must a broker provide to the insured within 21 days after completing the application?

The requirement for a broker to provide a policy document to the insured within 21 days after completing the application is grounded in the need for transparency and clarity in the insurance process. This policy document serves as an official record of the insurance coverage agreed upon and outlines the terms, conditions, and exclusions relevant to the insured's agreement.

Providing the policy document promptly ensures that the insured fully understands the coverage they have purchased, including important details such as deadlines for premium payments, claims processes, and the length of coverage. This practice is critical to fostering trust and clarity between the broker and the insured.

Other options, such as a confirmation letter, explanation of coverage, or billing statement, may serve important purposes in the insurance transaction, but they do not fulfill the specific legal requirement established for brokers to deliver a formal policy document to the insured within the specified timeframe.