What document is typically provided to the policyholder after a life insurance application is approved?

The policy contract is the document typically provided to the policyholder after a life insurance application receives approval. This contract is a legally binding agreement between the insurance company and the policyholder that details the terms and conditions of the insurance coverage. It includes crucial information such as the coverage amount, premium rates, policy duration, exclusions, and the rights and responsibilities of both parties.

This document serves as the foundation of the insurance agreement, solidifying the understanding and expectations regarding the coverage. It also provides the policyholder with formal proof of insurance, which is critical for beneficiaries and in the event of a claim.

While the other options might relate to aspects of the insurance process, they do not hold the same weight as the policy contract. A coverage summary is often a simplified document that outlines the benefits and may not include all contractual details. A certificate of insurance is sometimes issued for specific situations but isn't the main document confirming the entire policy. An agent’s report may assist in the application process but is not provided directly to the policyholder as a confirmation of approval or coverage. Thus, the policy contract stands out as the formal and comprehensive document issued post-approval.