North Carolina Life Insurance Practice Exam

For a policyholder to receive a life insurance policy after applying, the delivery of the policy by the agent is a crucial requirement. This step signifies the official issuance of the policy and ensures that the policyholder understands the terms and conditions of the insurance contract. The process typically involves the agent going over the details of the policy, allowing the policyholder to ask questions, and confirming that they are comfortable with the coverage. While the other options may involve important steps in the overall insurance process, they do not guarantee that a policy will be issued. For instance, completion of a medical examination might be required for certain types of insurance or underwriting processes, but it is not universally necessary for all policies. Similarly, payment of the initial premium may be required initially, but the delivery of the policy is what formally finalizes the agreement between the insurer and the policyholder. Filling out a beneficiary form is important for the policy's payout but does not directly correlate with the issuance of the policy itself. In summary, the delivery of the policy by the agent is the definitive action that completes the transaction, making it essential for the policyholder to officially obtain their insurance coverage.