Which of these components is required before a life insurance policy is issued?

The requirement for an applicant's signature on the application is crucial before a life insurance policy can be issued. The signature signifies that the applicant agrees to the terms and conditions of the insurance policy and confirms that the information provided in the application is accurate to the best of their knowledge. This step is vital as it helps protect both the insurance company and the applicant, ensuring that the company has the necessary consent to process and underwrite the insurance policy.

While the other components may also be important in the overall process of obtaining life insurance, they are not universally mandatory for issuing the policy. For instance, the initial premium payment is typically required before the policy becomes active but is not strictly necessary to issue a policy. Similarly, a beneficiary designation usually needs to be established but can sometimes be completed after issuance. Medical examination results may be needed for underwriting purposes depending on the policy, but they are not a prerequisite for issuing all types of life insurance policies. Thus, the applicant's signature stands out as an essential requirement in the process.