Whose signature is not required on a life insurance application?

Whose signature is not required on a life insurance application?

a. Producer

b. Policyowner

c. Beneficiary

d. Insured

Answer: c. Beneficiary

Another thing we have learned today is that it is not necessary to have the signature of the beneficiary when going for a life insurance application. The beneficiary is the entitled or nominated individual who is to receive the death benefit or policy amount that is paid in the event of the death of the insured person. The beneficiary does not bear certain legal or contractual obligations towards the policy of life insurance. Signatures generally required for a life insurance application include the insured- the person whose life is assured, and the policy owner – the person or legal entity which is the owner of the policy and pays for it in exchange for coverage. Sometimes the details in the insurance application forms may also require the producer (insurance agent, or broker) to witness the application or even certify it. However, the beneficiary’s signature is not mandatory on the application for it to be considered a complete and valid one.