81. If a premium is NOT submitted with a life insurance application, the agent MUST have the applicant sign which of the following when delivering a policy?
Answer: D
The agent MUST have the applicant sign a statement of good health when delivering a policy.
When a premium is not submitted with a life insurance application, the agent is required to obtain a statement of good health from the applicant at the time of policy delivery. This statement verifies that the applicant's health status has not changed since the application was submitted.
A) A replacement form.
A replacement form is used when an applicant is replacing an existing insurance policy with a new one. It is not specifically required when a premium is not submitted, and therefore is not relevant in this context.
B) An HIV consent form.
An HIV consent form is typically related to the disclosure of HIV testing and is not a general requirement for policy delivery. It does not address the specific situation of a premium not being submitted with the application.
C) A beneficiary assignment.
A beneficiary assignment is a document that designates who will receive the benefits of the policy upon the insured's death. While important, it is not required to be signed if the premium was not submitted with the application.
D) A statement of good health.
A statement of good health is necessary to confirm that the applicant's health status has not changed since the application was submitted. This ensures that the insurer has accurate information before issuing the policy, making it the correct answer in this scenario.
Conclusion
The requirement for a statement of good health is critical in the context of life insurance applications, particularly when no premium has been submitted. This ensures that the insurer is protected against changes in the applicant's health that could affect the policy's validity. All other options fail to meet the specific requirements outlined for policy delivery in this situation.