What type of conditional receipt makes coverage effective on the date the application was signed or the date of the medical exam?

A conditional receipt, specifically the insurability receipt, establishes coverage on the date the application is signed or the date of the medical exam, provided the application is ultimately approved by the insurer. This type of receipt ensures that if the applicant fulfills all the insurer's requirements and is found insurable based on their application and medical exam, their coverage is backdated to that specific date.

This can be crucial for applicants who wish to have coverage start immediately rather than waiting for the formal underwriting process to conclude. In contrast, other types of receipts, such as interim receipts, may provide temporary coverage but under different terms, typically involving a lesser degree of approval or coverage restrictions. Final receipts indicate that the policy has been issued and may not relate to the activation of coverage when the application was submitted. Conditional acceptance often implies acceptance with stipulations attached, which is not the same as granting immediate coverage based on conditions met at the time of application.