Practice Quiz

Health and Life Insurance

Category - Annuities & Policies

Start a Study Session Sign up for Question of the Day
Phil wants to examine his policy carefully prior to committing to purchase. What will he need to do in order to examine this policy prior to purchase?
  1. Sign an inspection receipt, and then pay the full premium after inspection
  2. Sign a conditional receipt, and pay the full premium
  3. Sign a binding receipt, and pay the full premium
  4. Sign a premium receipt and pay half of the first premium
Explanation
Answer: A - Phil will need to sign an inspection receipt. Once he examines the policy, he can then pay the first premium if he decides to purchase the policy. An inspection receipt allows Phil to carefully examine what is and is not covered in the policy, and make adjustments if needed.
Was this helpful? Upvote!
Login to contribute your own answer or details
Start a Study Session Sign up for Question of the Day

Top questions

Related questions

Most popular on PracticeQuiz