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    Question

    A document given to an applicant for life insurance

    stating that the company’s acceptance is contingent upon determination of the applicant’s insurability is known as?
    A Conditional Contract Correct Answer Incorrect Answer
    B Conditional Receipt Correct Answer Incorrect Answer
    C Conditional Renewable Correct Answer Incorrect Answer
    D Consequential loss Correct Answer Incorrect Answer
    E Consequential loss Correct Answer Incorrect Answer

    Solution

    Life insurance policy receipt issued upon payment of the first premium by an applicant. It makes the policy in force before the policy documents are issued, provided the applicant meets all requirements.is called conditional receipt.

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