When is the insurability conditional receipt given?
Understand the Problem
The question is asking about the conditions under which an insurability conditional receipt is issued, which often relates to insurance policies and the timing of coverage. It involves understanding the process and requirements of insurance applications.
Answer
After the application has been approved and the premium has been paid.
The insurability conditional receipt is given after the application has been approved and the premium has been paid.
Answer for screen readers
The insurability conditional receipt is given after the application has been approved and the premium has been paid.
More Information
The insurability conditional receipt provides temporary coverage once the initial premium payment has been made and the application has been approved.
Tips
Make sure both the application is approved and the premium is paid to receive the insurability conditional receipt.
Sources
- 5.5.4 The Conditional Receipt - American Safety Council - course.uceusa.com
- Conditional Binding Receipt: What it is, How it Works - Investopedia - investopedia.com
- What is a Conditional Receipt? - Definition from Insuranceopedia - insuranceopedia.com
