Which of the following is not a requirement for a life insurance policy to be effective?

For a life insurance policy to be effective, it is essential to meet several requirements, one of which is related to the actions of the parties involved, including the insured and the insurer. The correct choice highlights that while it is considerate and beneficial for the producer to explain the policy to the client, this step is not a strict requirement for the validity of the policy itself.

In the context of other options, the applicant being the insured ensures that the person receiving the benefits is the same who is applying for the coverage. Additionally, undergoing a medical exam is often required, especially for higher coverage amounts or specific risk factors, as it provides the insurer with essential information to assess the applicant's risk. Lastly, payment of premiums is crucial, as it activates the coverage and keeps the policy in force.

Thus, while educating the client about the policy is important for a thorough understanding and informed decision-making, it is not foundational to the policy's effectiveness in the legal or contractual sense.