Final answer:
A signed good health statement is often requested at the time of policy delivery for life insurance to confirm the insured's health status has not changed after the underwriting process. It helps insurers in risk assessment as individuals usually have more knowledge about their health than the insurer.
Step-by-step explanation:
A signed good health statement may be requested by a life insurance producer at the same time of policy delivery. When an individual applies for life insurance, the insurance company assesses the risk associated with insuring the person. The applicant's health history is a significant factor in this assessment. Hence, a statement confirming the good health of the insured may be required upon policy delivery to ensure that the health status has not changed since the initial underwriting process.
Individuals seeking insurance have a level of knowledge about their own health and risk factors that an insurer may not be able to obtain without significant investigation. Additionally, premium payments are made to an insurance company as part of the contractual agreement, which may include a service contract with certain provisions for maintenance, or a warranty offering repair or replacement within a specific timeframe.