All of the following describe differences between binding receipts and conditional receipts, except:

A. Conditional receipts are commonly used for life insurance applications.
B. No claim is paid with either receipt until a policy is issued
C. The binding receipt always provides immediate coverage from the date of the receipt
D. The conditional receipt can provide coverage from the date of application
once the application is later approved by underwriting

Ans: B. No claim is paid with either receipt until a policy is issued