When is the effective date of an insurance policy if the applicant took the exam five days after applying and paying the premium?

The effective date of an insurance policy is typically linked to specific actions that need to occur for the policy to go into effect. In this scenario, the applicant took the exam five days after applying and paying the premium. The critical factor here is that the policy is usually not considered effective until all conditions have been met, which includes passing any required medical exams or underwriting criteria.

In this case, the exam date is significant because insurance companies generally require the results of that exam before they can finalize the policy. Thus, the effective date is aligned with the date when the applicant fulfilled all necessary requirements, which includes the timing of the medical exam. Therefore, the policy becomes effective on the date of the exam, as that is when the insurer can confidently assess the risk of insuring the applicant based on the examination results.

The other choices involve dates that do not align with this requirement; the application and premium payment are preliminary steps that do not trigger policy effectiveness until the exam has been completed and evaluated.