Under what condition will a conditional receipt provide immediate life insurance protection?

A conditional receipt provides immediate life insurance protection when certain conditions are met, particularly that the insured is subsequently proven to be insurable. This means that the insurance company agrees to provide coverage as of the date the conditional receipt was issued, but only if the applicant meets the underwriting criteria and is deemed insurable after the application is underwritten.

This approach acknowledges that while the conditional receipt initiates a level of coverage, it is contingent on the insurer's acceptance of the risk involved with the individual applying for the policy. Therefore, the receipt doesn’t provide full coverage until the underwriting process confirms insurability, ensuring that the insurer can manage the risk based on the applicant's health and other factors.

The other conditions listed, such as approval of the application or payment of the premium, are important steps in the insurance process, but they do not trigger immediate coverage as effectively as the requirement of proving insurability after the issuance of the conditional receipt.