What type of receipt is given for a premium paid at the time of application?

A conditional receipt is the correct choice because it is specifically issued to an applicant when they submit a premium payment along with their application for insurance coverage. This type of receipt indicates that the insurance company will provide coverage if certain conditions are met, often contingent on the applicant being insurable based on their health status and other underwriting criteria.

In the context of funeral prearrangement and life insurance policies, the conditional receipt serves as temporary protection for the applicant until the policy is officially issued. It assures the applicant that they have coverage in place while the insurer evaluates their application. This is significant because it offers peace of mind during the waiting period for policy approval.

The other types of receipts do not quite fit this scenario. A standard receipt is more general and does not imply any condition regarding coverage. A primary receipt is not a term commonly used in this context, making it less relevant. A final receipt would typically be issued only after all processing is complete, indicating that a policy is officially in force, rather than at the initial application stage. Thus, the conditional receipt clearly represents the nature of the transaction at the time of application with premium payment.