Florida Life and Health Insurance License Practice Test

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What item is given to an applicant when an insurer is bound to coverage as of the date of application or medical exam?

  1. Insurance policy

  2. Premium bill

  3. Conditional receipt

  4. Coverage summary

The correct answer is: Conditional receipt

A conditional receipt is given to an applicant when an insurer is bound to coverage as of the date of application or medical exam. An insurance policy is actually issued after the underwriting process is completed and coverage is approved. A premium bill is a statement of the amount owed for insurance coverage and is typically sent after a policy is issued. A coverage summary may be provided by the agent or insurer, but it is not a legally binding document like a conditional receipt.

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