T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later, provided that T is an acceptable risk. What item is given to T?

When T applies for a life insurance policy and receives assurance from the producer regarding coverage being effective from the application date or the date of the medical examination (whichever is later), assuming T is considered an acceptable risk, T is given a Conditional Receipt.

A Conditional Receipt is a document that indicates the insurer's acceptance of the application, contingent upon the applicant being a satisfactory risk and other conditions specified in the receipt. This means that if T meets the insurer's underwriting criteria, coverage can start even before the formal policy is issued. This type of receipt thereby provides immediate, albeit tentative, assurance of coverage.

The other options do not accurately represent this scenario. A Policy Approval Letter would indicate that the policy has been officially approved, but this usually occurs after full underwriting. An Insurance Statement isn't a term commonly used in this context and does not signify the same conditional coverage status. Underwriting Notification typically relates to informing an applicant about the status of their underwriting review and does not indicate immediate coverage like a Conditional Receipt does.