In a scenario where Mike was issued a conditional receipt, what is the effective date of his insurance contract?

When a conditional receipt is issued, it indicates that the insurance company will provide coverage under certain conditions, typically depending on whether the applicant is found insurable based on the underwriting process. This means that the effective date of the insurance contract is established as the date of the conditional receipt, assuming that the specified conditions are met during the underwriting process.

This arrangement allows the insured to have some level of protection while waiting for the formal policy approval and coverage to be finalized. Therefore, if the conditions outlined in the receipt are satisfied, the coverage would take effect as of the date the conditional receipt was issued, rather than waiting for any subsequent actions, such as policy delivery or final approval.

In circumstances where no conditional receipt is involved, the effective date might vary based on other factors, such as the delivery of the policy or approval dates. However, the presence of a conditional receipt distinctly sets the effective date at the moment it is issued, as long as the underwriting criteria are subsequently met.