What information must be included on premium receipts?

The correct choice requires that premium receipts include the insurer, payee, producer, and policy name. This requirement is important to ensure transparency and clarify key elements of the transaction for both the policyholder and the insurance company.

Including the insurer's name on the receipt provides the policyholder with clear identification of the source of their coverage and the company they are financially involved with. The payee's name indicates who is receiving the payment, which is significant for record-keeping and legitimacy. The producer's name ensures that there is a traceable individual responsible for facilitating the transaction, adding a layer of accountability. Lastly, including the policy name facilitates easy reference to the specific coverage being paid for, helping to prevent confusion.

In contrast, while the premium cost is an essential detail of the transaction, it is secondary to the identification aspects outlined above, which help ensure that all parties are correctly identified and that the transaction is formally established. The beneficiary's name is not typically relevant for premium receipts since premium receipts pertain directly to the transaction of payment rather than the distribution of benefits, and the producer's license number, while important in verifying the legitimacy of the producer, is not standard information required on premium receipts.