When does life insurance usually go into force according to common practice of life insurers?

Life insurance typically goes into force when the agent provides a binding receipt to the applicant, signifying that coverage is effective from that moment. A binding receipt indicates that the insurer has essentially accepted the application and that coverage will be active, provided the applicant fulfills any final requirements specified.

This practice serves to protect the insured during the time it may take for the insurer to finalize the underwriting process. As a result, the applicant has immediate coverage, which can be crucial, especially when there are health concerns or other urgent reasons for obtaining insurance.

The other options suggest different conditions under which life insurance might come into effect, but they do not reflect the standard practice. For instance, simply receiving the application or delivering the policy does not guarantee that coverage is in place until the underwriting is satisfactorily completed or a binding receipt is issued. Legal stipulations do exist, but they typically align with practices established by insurers, hence why the binding receipt is the primary mechanism for ensuring immediate coverage.