Jim purchased a new car because he and his wife just found out they were having twins. Jim then stopped at his insurance agent's office to buy additional life insurance. Jim filled out the application, which the agent was going to send into the home office for underwriting the next day, and paid the agent the first annual premium. The agent gave Jim a conditional receipt. If Jim dies later that day, will his wife receive the life insurance proceeds? Yes, the application with payment is a valid offer and the conditional receipt represents acceptance of the offer. No, the insurance company will never pay unless the insured person dies after the policy has been issued. No, since Jim was buying the policy on his own life his wife does not have an insurable interest. Yes, but only if Jim meets the insurance company's underwriting standards and would have been approved for a policy had he not died. Jim purchased a new car because he and his wife just found out they were having twins. Jim then stopped at his insurance agent's office to buy additional life insurance. Jim filled out the application, which the agent was going to send into the home office for underwriting the next day, and paid the agent the first annual premium. The agent gave Jim a conditional receipt. If Jim dies later that day, will his wife receive the life insurance proceeds? Yes, the application with payment is a valid offer and the conditional receipt represents acceptance of the offer. No, the insurance company will never pay unless the insured person dies after the policy has been issued No, since Jim was buying the policy on his own life his wife does not have an insurable interest. Yes, but only if Jim meets the insurance company's underwriting standards and would have been approved for a policy had he not died