What is described as a "completed application" in insurance?

A "completed application" in insurance refers specifically to the formal document containing the applicant's information. This document is crucial as it typically includes details such as the applicant's personal information, the type of coverage being sought, and any relevant risk factors. It is the foundation upon which the insurance company bases its underwriting decisions and policy issuance.

In the context of an insurance transaction, like obtaining a new policy, the completed application serves as a request for coverage and provides insurers with necessary information to assess the applicant's risk level. It ensures that all relevant details are communicated clearly, allowing for a proper evaluation of the applicant's needs and the insurance company's potential exposure.

The other options do not fit the definition of a completed application. A policy that has been issued is a final document that confirms coverage, while a document outlining potential risks may be part of the broader underwriting process but is not the application itself. A summary of claims history relates to past insurance claims, which could be part of the information considered in the application process, yet it does not constitute the completed application itself.