Which of the following is NOT a requirement for issuing a life insurance policy?

The correct response identifies that a medical exam is not always a requirement for issuing a life insurance policy. While many insurance companies may request a medical exam based on factors like the applicant's age, health history, or the amount of coverage being applied for, it is not universally mandated for all applicants or policies.

Certain insurance products, particularly those designed for individuals seeking lower coverage amounts or for expedited processes, may forego the medical exam altogether. Examples of these include simplified issue or guaranteed issue policies where the emphasis is on making coverage accessible without extensive health assessments.

On the other hand, the other options outlined are generally standard requirements that facilitate the underwriting process and the risk assessment upon which an insurer determines eligibility for coverage. For instance, providing a Social Security number is essential for identity verification and fraud prevention. Answering all questions on the application is critical for gathering necessary information to assess risk accurately. Payment of the initial premium is also a standard condition for the policy to become effective. Therefore, the lack of a universal rule requiring a medical exam supports the choice.