John completes a life insurance application on Bill and collects the initial premium. A conditional receipt is provided to the applicant. If underwriting approves the application without requiring a medical exam, when will coverage become effective?

The date on the receipt

Explanation:

Life insurance is a form of insurance where the insurer or the insurance firm guarantees that death benefit will be paid to the beneficiaries of the life insurance policy holder on his death , while the policy holders pays a stipulated premium in his life time.

At the point of policy delivery , the policy holder is expected to sign a statement of continued good health to ensure that the risks of the insurer is minimized , a duty expected to be enforced by the underwriter. However , if the underwriting approves before requiring for a medical exam , the coverage becomes effective on the date on the receipt.

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