K is an agent who takes an application for individual life insurance and accepts a check from the client. If the application is approved without a signature on the check, when will coverage be effective?

In the scenario presented, coverage for the life insurance policy would be effective on the date of policy delivery. This is a common practice within life insurance underwriting. Typically, the insurer must complete its review of the application, which includes accepting the applicant's payment, before activating the policy.

Even if the application is approved, the actual start of coverage depends on the delivery of the policy, which is often articulated in the policy's terms. This ensures that all parties have signed off on the terms of the policy and are fully informed about the coverage provided.

Other options reflect different points in the application process: the date of application submission might imply that coverage starts immediately, which is premature as underwriting has not been finalized. The effective date stated in the policy would only be relevant once the policy is issued, and the date the check is cashed does not align with the formal establishment of the policy itself, as the check merely signifies payment, not acceptance of risk or initiation of coverage.