Life · Chapter 7 · Policy Issue & Delivery
Constructive Delivery
Definition
Delivery is legally complete when the insurer gives/mails the policy to the agent for UNCONDITIONAL delivery to the owner — even if the agent never physically hands it over. NOT constructive delivery: the insurer tells the agent to deliver only if the applicant is in good health, or the applicant merely holds the policy for inspection (inspection receipt) without paying.
Exam tip
Physical possession ≠ delivery if conditions remain; and delivery can be complete WITHOUT physical possession. The free-look clock starts at delivery.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
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