Final answer:
Statements on the application made by an applicant for a life insurance policy are known as policy provisions. These provisions outline the terms and conditions of the policy.
Step-by-step explanation:
Statements on the application made by an applicant for a life insurance policy are known as 4) Policy provisions. These provisions outline the terms and conditions of the policy, including coverage amounts, premium payments, and policy exclusions. Policy provisions can vary between different insurance companies and policy types, so it's important for applicants to carefully review and understand the provisions before purchasing a policy.