GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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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 ____
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Conditional Receipt
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Consequential loss
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Conditional Contract
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Conditional Renewable
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Explanation:
Detailed explanation-1: -insurance premium receipt means a receipt for premiums payable under a policy of insurance and where an annuity is taxed as a policy of insurance includes a receipt for premiums payable under an agreement for the grant of an annuity; Sample 1Sample 2.
Detailed explanation-2: -The effective date of a policy can vary depending on the policy’s language: A binding receipt contract will generally be effective on the date the application is completed and the first premium is paid.
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