According to California insurance code, what information must an illustration used to sell life insurance include?

The correct choice highlights the importance of transparency in the selling of life insurance through illustrations. According to California insurance code, illustrations are required to provide a clear understanding of non-guaranteed elements, including the probability of various outcomes. This approach helps consumers grasp how likely these scenarios are to occur, which is crucial in assessing the potential benefits and risks associated with a policy.

An illustration that includes the probability of non-guaranteed scenarios being realized gives potential policyholders a more realistic view of what to expect from their insurance product. It empowers them to make informed decisions based on a comprehensive analysis of the policy's projected performance and their personal financial goals.

Other options may seem relevant to an insurance discussion, but they do not directly address the essential requirement set forth by California insurance code regarding illustrations. The total death benefit amount, definition of an annuity, and expected payout period are important pieces of information but do not capture the necessity for clarity around the probabilities tied to non-guaranteed scenarios. Providing this context ultimately ensures that policyholders are making decisions based on a more complete understanding of their life insurance options.