A claim for the death benefit under this receipt will be paid if death occurs while one's application for life insurance is being processed even if the deceased is found not to be insurable.Identify this receipt.
A)Conditional receipt
B)Binding receipt
C)Estoppel
D)Facultative receipt
E)Waiver receipt

Question

Quizplus · Accepted Answer

A binding receipt guarantees coverage from the moment the receipt is issued, even if the applicant is later found to be uninsurable, as long as the premium is paid.

A Claim for the Death Benefit Under This Receipt Will