Missouri Life and Health Insurance Questions and Answers 100% Solved

Missouri Life and Health Insurance Questions and Answers 100% Solved Insurance transaction includes: ️️By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract ️️-Agreement (offer and acceptance) - Consideration - Competent parties - Legal purpose - Negotiation does NOT need to happen Who make the offer in an insurance application ️️- Applicant When does acceptance take place ️️- An insurers underwriter approves the application and issues a policy The binding force in any contract ️️- Consideration - insurer promises to pay in the event of a loss Contract of adhesion ️️- Prepared by the insurer and accepted or rejected by the insured - "Take it or leave it" basis Insurance contracts are ️️- Aleatory - exchange of unequal amounts of values