Rhode Island Life Insurance Practice Exam

Who among the following is NOT required to sign a life insurance application?

1. Insured

2. Applicant

3. Agent

4. Beneficiary

The correct answer is: Beneficiary

In the context of life insurance applications, the requirement for signatures serves various purposes, primarily to validate the agreement and provide informed consent. The insured is typically required to sign the application to confirm that the information provided is accurate and to express their consent to the insurance policy. The applicant, who may or may not be the insured, also needs to sign to show that they are requesting the coverage, thereby taking responsibility for the information provided. The agent, while necessary for facilitating the application process, generally does not have to sign the application as a requirement laid out by the insurance company or governing regulations. On the other hand, the beneficiary of a life insurance policy does not need to sign the application. The beneficiary is the person or entity that will receive the death benefit, but their agreement or consent is not needed at the time the application is submitted. The insurance contract enters into effect based on the agreement between the insurer and the applicant (which could be the insured themselves), without requiring the beneficiary’s signature at that stage. Therefore, the beneficiary is the correct choice as the one who is not required to sign the application.