Final answer:
A change in an insurance application requires approval by the insurer. A change in an insurance application usually requires an initial by the applicant to confirm the amendment. Additional insurer approval might be needed, but a new application is typically not required unless substantial changes occur. Therefore, option C - approval by the insurer - is the correct answer.
Step-by-step explanation:
A change in an insurance application requires approval by the insurer. This means that any modifications or amendments to the application must be reviewed and accepted by the insurance company before they become effective.
For example, if an applicant wants to add an additional coverage or adjust the policy terms, they need to submit the changes to the insurer for approval. The insurer will evaluate the request and communicate their decision to the applicant.
Therefore, option C - approval by the insurer - is the correct answer.
A change in an insurance application usually requires an initial by the applicant to confirm the amendment. Additional insurer approval might be needed, but a new application is typically not required unless substantial changes occur.
A change in an insurance application typically requires an initial made by the applicant. This indicates that the applicant acknowledges and agrees to the modifications made to the application. It is a common industry standard that helps in maintaining accurate records and preventing misunderstandings about coverage. In some cases, additional approval by the insurer may also be necessary, especially if the change affects the policy's risk or pricing. However, it is not always mandatory to submit a new application unless the changes are so significant that a new application is warranted based on the insurer's policies.