Which of the following must a life insurance producer ensure is collected with an application for coverage?

When a life insurance producer submits an application for coverage, it is crucial to collect the initial premium from the applicant at the time of application. This amount is typically required to activate the policy and initiate the underwriting process. Collecting the initial premium helps in establishing the coverage as it demonstrates the applicant's commitment and readiness to enter into the insurance contract.

In addition, the initial premium is crucial for determining the effective date of the policy. If it’s not collected, the insurance company may not issue the policy, as coverage generally does not start until the first payment is made.

On the other hand, premiums for future payments are typically established by the policy terms and can be collected later. A list of beneficiaries is important but does not need to be submitted with the application itself, as it can often be designated later. A medical examination may be required depending on the type of policy and the amount of coverage being applied for, but it is not universally necessary for all applications. Thus, while all of these elements may play a role in the life insurance application process, the initial premium collection is a mandatory requirement at the outset.