Final answer:
Licensed agents must have the Applicant's Signature when submitting insurance applications; it is a vital legal requirement for the validity of the application. While the premium payment is important and underwriting assesses risk, they do not need to accompany the initial application submission. The correct option is B) Applicant's Signature
Step-by-step explanation:
When submitting applications to an insurance company, licensed agents must ensure that they have several key elements in place. Of the options provided, the critical component that must accompany an application is B) the Applicant's Signature.
This signature indicates the applicant's agreement to the terms of the policy and their consent to any required underwriting processes, and it’s a legal requirement for the application to be valid. It is also proof that the applicant has accurately disclosed all necessary information for the insurance provider to assess the risk and establish the premium.
Without the applicant’s signature, the application cannot be processed. Commissioner's Approval is not typically required for the submission of individual applications, and while Premium Payment is important for the policy to be issued and take effect, it may not be required at the moment of application submission.
The Underwriting Process is conducted by the insurer after the application is submitted to determine the risk and eligibility. The correct option is B) Applicant's Signature