Completing the Application, Underwriting, Delivering Policies, Contract Law
A corporation is applying to own a life insurance policy. Which signature best evidences a competent party acting on behalf of the corporation?
Answer and explanation
Answer: D. Application standards provide for an officer to sign when a corporation is owner and to state the officer's title. This identifies the authorized natural person acting for the entity.Source: Interstate Insurance Product Regulation Commission — Individual Life Insurance Application Standards — § 3.N. Signature Requirements (1)
More completing the application, underwriting, delivering policies, contract law questions
- Which individual would be deemed legally INCOMPETENT to enter into a binding life insurance contract?
- Which of the following facts most directly establishes an individual's legal capacity to enter into a life insurance contract?
- Which statement best explains why a life insurance policy is legally considered a conditional contract?
- Which statement correctly separates the aleatory character of a life policy from its conditional character?
- Who must sign a life insurance application when an adult purchases insurance on their own life?
- Why does the law require a life insurance contract to have a legal purpose?
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