South Carolina Life and Health Practice Exam

Signatures for an insurance application MUST be obtained by the producer from all of the following sources EXCEPT:

1. The beneficiary

2. The applicant

3. The policyholder

4. The insured

The correct answer is: The beneficiary

In the context of an insurance application, the signatures required are typically from individuals directly involved in the creation of the policy, which includes the applicant, the policyholder (who may also be the applicant), and the insured. The applicant is the person who fills out the application and requests the insurance coverage, so their signature is vital to indicate consent and understanding of the application details. The policyholder, who is the individual that ultimately owns the policy, must also sign if they are different from the applicant. Lastly, the insured, who is the individual covered by the policy, often needs to sign to confirm acceptance of the terms and understanding the implications of being insured. The beneficiary, however, is not required to provide a signature on the application. Their role comes into play after the insured's death or upon the triggering of a claim, but they are not part of the initial application process. Thus, the correct answer highlights that the beneficiary's signature is not mandatory at the time of application, differentiating their role from that of the applicant, policyholder, and insured.