NettetThe Office of General Counsel issued the following opinion on November 22, 2005 representing the position of the New York State Insurance Department. Re: Individual … NettetAn individual signed an application for a $100,000 life insurance policy and paid the first premium on January 1. The agent issued an insurability receipt. A week later, the required medical examination proves the person insurable. If the person dies before the insurer approves the application: Select one: a. The coverage will be retroactively ...

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Nettet21. mar. 2024 · This receipt means that the person can only be insured if he or she meets the standards of insurability and is given approval by the insurance company. What is the purpose of a conditional receipt choose from the following options 1 it serves as proof that the applicant has been determined insurable 2 it is given only to applicants ... NettetThe binding receipt binds an insurer to the agreement unconditionally when benefits are due up to the limits of the policy. The agent should be familiar with the types of receipts available and be able to explain the differences to the applicant at the time. There are two types of receipts: (1) The conditional receipt and (2) the binding receipt. heart with xoxo svg

Section 5.5 Quiz

Nettet5. okt. 2012 · The conditional receipt explains the details. If policy issued, then immediately, as long as you are in the same health as when the application was made. … NettetConditional Receipt. The most common type of receipt is the insurability conditional receipt.Conditional means the insurance coverage is dependent upon Jason's … Nettet30. nov. 2024 · If an insurable applicant dies before their application is fully processed, a conditional binding receipt protects the applicant and their beneficiary. If you apply for … mouth brooder cichlids