Question 3006 of 287 · Texas Life, Accident and Health Agent Exam
An agent collects the initial premium with the application and issues a conditional receipt. Coverage under the receipt
Exactly one answer is correct.
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Correct answer to question 3006
- B: begins on the application date or medical exam date only if the applicant is found insurable as applied for
Explanation
A conditional receipt gives coverage back to the date of application or exam if the insurer would have approved the risk as applied for. A binding receipt gives immediate coverage subject to the policy terms.
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