Well, those days are gone and the instrument for binding insurance is now
a temporary insurance application and agreement.
Not exact matches
You'll have
temporary life
insurance while your
application is being processed for a maximum of 30 days.
Conditional
Temporary Coverage Agreement In life
insurance, evidence of
temporary coverage if you pay the initial premium at the time your
application is taken, and meet the conditions spelled out in the receipt.
It isn't required, but we strongly encourage you make your first payment along with your
application in order to obtain
temporary life
insurance coverage during the
application / underwriting process.
For example, Genworth Life
Insurance Company's
temporary coverage begins the moment you sign the
application and Temporary Insurance Application Agreement, and submit your fir
application and
Temporary Insurance Application Agreement, and submit your fir
Application Agreement, and submit your first premium.
This rider provides
temporary insurance for each eligible child named on the
application, and any eligible children acquired in the future.
If you arrange for
temporary insurance when you submit your
application, you will be covered when we receive your
application and payment in our office (check the details of your
temporary coverage, as the benefit amount might differ from the death benefit you are applying for).
You only need to submit a payment with your
application if you want to acquire
temporary insurance (see question above).
Those who do receive
temporary coverage will have life
insurance in place and will have their premiums finalized after the exam (so long as their
application is approved post-exam).
Temporary insurance is only meant to fill an
insurance gap while your
application is processed and the policy is being underwritten, at which time the
temporary insurance ends and your regular policy goes into effect.