After an applicant reads and signs an insurance application, he/she should be conscious of the fact that the Beneficiary receives $50,000 income tax-free.
An application is a form that provides the information an insurer needs to assess a specific risk. The applicant must complete it in order to apply for insurance.
The phrase "application" refers to a "paper supplied by the insurance company, frequently completed by the agent and medical examiner on the basis of information obtained by the applicant." It is signed by the applicant and forms a part of the insurance policy if it is accepted.
Thus, Beneficiary receives $50,000 income tax-free.
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