Final answer:
For a life insurance policy, the insured, namely Gail, and the owner of the policy, Ted, are typically required to sign the application, with the insured's signature ensuring their consent. The beneficiary, Randy, is not generally required to sign.
Step-by-step explanation:
When Ted is taking out a life insurance policy, there are specific roles involved that must be clarified. Generally, the individual whose life is being insured (Gail in this case) must provide consent and thus is required to sign the life insurance application, as it contains sensitive personal information and agreements that the individual needs to acknowledge.
The owner of the policy, who is Ted, is also required to sign the application as they have control over the policy, is responsible for payment of the premiums, and may have the ability to change the beneficiary, which is currently Randy. Finally, depending on the insurance company's policies and the laws in the jurisdiction, the beneficiary may or may not need to sign the application; however, it is not typically required unless the policy involves some specific benefits or rights that require the beneficiary's consent.
In summary, both the insured and the policy owner are typically required to sign the life insurance application, with the insured's signature being paramount to ensure their understanding and consent.