In the scenario outlined in the question, it would not have been possible for the Life Insurance Company to complete the underwriting in less than an hour, so, because the Life Policy could not have been declined, the Conditional Temporary Receipt would be in effect.
Therefore, yes, the spouse will be able to collect the Death Benefit on the Life Insurance.
David Ridlen, Mary Dorzok, Derrick Rupp, and Jim King all answered yes. We will be picking 1 of those 4 names out of a drawing, later today, and posting Trivia Question #12.
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