Before issuing a life insurance policy, which of the following components is mandatory?

The requirement for an applicant's signature on the application is crucial because it signifies the applicant's consent to the terms and conditions laid out in the policy, as well as their acknowledgment of the information provided. By signing the application, the applicant is attesting to the accuracy of the information shared, which is essential for the insurer in assessing the risk and determining the terms of the policy.

Additionally, the application process serves as a binding contract between the insurer and the applicant, and the signature provides legal validity to the application. It ensures that the insurer has the necessary documentation to proceed with underwriting and to issue the policy accordingly. The other components, while important in the overall process, do not carry the same level of mandatory requirement for issuing a life insurance policy.