PSI Ohio Insurance Practice Exam

All of the following are required signatures on a life insurance application EXCEPT:

1. The insured individual.

2. The agent representing the insurer.

3. The policyholder.

4. The minor in a juvenile policy.

The correct answer is: The minor in a juvenile policy.

In a life insurance application, it is indeed typical that the necessary parties sign the document to validate the application process. The signatures of the insured individual, the agent representing the insurer, and the policyholder are all required to ensure that all parties involved are in agreement with the terms of the policy and understand their responsibilities and rights. However, when it comes to a minor listed in a juvenile policy, their signature is not required. This is because a minor is not considered legally capable of entering into contracts in many jurisdictions, including Ohio. Instead, the responsibility falls upon the adult policyholder, who could be a parent or guardian. They are the ones who must provide consent and sign the application, while the minor is simply the insured individual whose life is covered by the policy. This distinction is important in the context of insurance applications for minors, reinforcing that the legal capacity to contract resides with adults.