Life and Health License Maine Solved 100% Correct!!

Life and Health License Maine Solved 100% Correct!! Lapse policy termination due to nonpayment of premium Premium amount paid to the insurance company for the insurance policy "Insurance Transaction" (by email or other means) Solicitation Negotiations Sale Advising an individual concerning coverage or claims Elements of legal contract to be legally binding (4 Essential elements) 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose Consideration (contract) Is something of value that each party gives to another. Insured = payment on premium Insurer = promise to pay in event of loss. Competent Parties Must be entering contract in eyes of the law. -Both parties must be legal age, mentally competent, not under influence of alcohol or drugs. Contract of Adhesion prepared by one party (insurer) and accepted or rejected by the other party. Aleatory Contr