An applicant pays the initial premium for a life insurance policy at the time of application and receives a conditional receipt. Five days later, before the policy is issued, the applicant dies in an accident. The underwriting process determines that the applicant was insurable at a standard rate on the date of application. What is the insurer's most likely course of action?
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A
Pay the full death benefit as if the policy were issued.
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B
Deny the claim because the policy was not officially issued and delivered.
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C
Refund the initial premium to the beneficiary and void the application.
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D
Pay a partial death benefit based on the premium received.