Insurability-Type Conditional Receipt

The standard conditional receipt: the insurer makes a conditional offer of coverage, which the applicant accepts by paying the premium. Coverage becomes effective on the date of the application or the date of any required medical exam — whichever is LATER — as long as the proposed insured is found insurable as applied for. Policy delivery is NOT necessary for coverage. If the applicant is found uninsurable, no coverage takes effect and the premium is refunded.

App signed August 2, required exam taken August 4 → protection begins August 4. If the applicant dies before approval, the insurer still underwrites normally — if the applicant would have been approved, the claim is paid.