Practice Quiz

Health and Life Insurance

Category - Annuities & Policies

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When is a policy considered delivered?
  1. When a signed receipt is returned to the underwriter
  2. When the first premium is paid
  3. When the policy is written
  4. When the policy is mailed or turned over to the policy owner
Explanation
Answer: D - A policy is considered delivered when it has been mailed or turned over to the policy owner. Someone acting on behalf of the policy owner may also take delivery. Personal delivery is preferred, but many times it is not possible
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