What is required from both the agent and the proposed insured in an application?

The requirement of a signed application from both the agent and the proposed insured is fundamental in the life insurance application process. This signed document serves as a formal request for insurance coverage, indicating that the proposed insured has provided the necessary information and agrees to the terms set forth by the insurance company.

The signature also confirms that the information provided is accurate to the best of the applicant's knowledge, creating a basis for the insurer's underwriting decisions. Without this signed application, the insurer would lack the official documentation needed to process the application or issue a policy, making it an essential component of the overall procedure.

While other options like medical examination reports and proof of income may be required in certain circumstances depending on the policy type or amount, they are not universally required from both parties in every application. A background check might also be performed in specific cases, but again, it is not a standard requirement for all applications. Thus, the signed application stands out as a must-have for both the agent and the prospective insured.