Completing the Application, Underwriting, Delivering Policies, Contract Law
An adult applies for a policy on his own life and names his sister as beneficiary. Whose signatures does the application ordinarily require?
Answer and explanation
Answer: D. A life application is signed by the proposed insured, by the owner when that is a different person, and by the producer. A beneficiary has no ownership rights and does not sign.Source: Interstate Insurance Compact — Individual Life Insurance Application Standards, signature requirements
More completing the application, underwriting, delivering policies, contract law questions
- If a life insurance application contains a clause that clearly conflicts with established state public policy, how is this clause treated under general contract and regulatory standards?
- If a provision in a life insurance policy remains genuinely ambiguous after a court applies ordinary rules of interpretation, and it supports two reasonable meanings, how is the ambiguity typically resolved?
- If an applicant makes an error while filling out a paper application, what is the proper procedure to correct it?
- If an applicant submits a completed application WITH the initial premium and receives a conditional receipt, when does coverage begin if the applicant is later found insurable as applied for?
- If an application is submitted WITHOUT premium, when does coverage officially take effect upon policy delivery?
- If an insurer issues a policy based on an incomplete application containing unanswered questions, what legal doctrine prevents the insurer from denying a claim later based on those missing answers?
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