What component of a life insurance contract is required before the policy can be issued?

The requirement for the applicant's signature on the application is crucial before issuing a life insurance policy. This signature indicates that the applicant has provided accurate information to the insurer and agrees to the terms of the policy. It serves as a binding agreement and reflects the applicant's consent to proceed with the insurance process. Additionally, the signature also affirms that the applicant has understood the policy details and conditions related to coverage.

While other components, such as medical exams or credit checks, may be part of the underwriting process, they are not universally mandatory for every policy. Some policies can be issued without these steps, particularly those that are simpler or involve lower coverage amounts. The beneficiary's signature is also not a standard requirement for the policy to be issued immediately, as the beneficiary can often be designated later. Hence, the applicant's signature stands as a fundamental requirement in the life insurance contract process, ensuring the application can be formally processed and the policy can be issued.