What must be provided to a life insurance applicant when the agent receives an application along with the initial premium?

When an agent receives an application for life insurance along with the initial premium, providing a conditional receipt is essential. A conditional receipt serves as a preliminary acknowledgment that the insurer has received the application and the premium payment. This document generally outlines the conditions under which coverage may begin prior to the formal approval of the policy.

The conditional receipt gives the applicant peace of mind, indicating that their application is under consideration and that coverage could start from the date of the receipt if certain conditions are met—typically the applicant meeting the underwriting standards. This is crucial for the applicant, as it allows them to feel secure in their coverage status while waiting for the insurer's decision.

Other options, such as a policy document, are not provided at this stage since the policy has not yet been issued. A premium payment notice may provide information on future payments but does not confirm the temporary coverage. A health disclosure form, while important during the application process, does not fulfill the same role as a conditional receipt. Thus, the provision of a conditional receipt is the correct action for the agent to take in this scenario.