Demo INS001FL LHA PassPrep Course: Unit 2 - Legal Concepts of the Insurance Contract - Questions 1-16: 42. There are 4 major requirements for any valid binding business contract. One deals with the contracting individuals age or mental condition. This known as the rule of ?

Attempt: 3

1. There are 4 major requirements for any valid binding business contract. One deals with the contracting individuals age or mental condition. This known as the rule of?

Both the existing and the replacing insurer must be notified of the replacement.

The agents in a general agency are considered employees of the insurance company.

Acceptance of its exact terms.

Competent parties which requires that an applicant be at least 15 years of age, not mentally infirm, or under the influence of any thought inhibiting substance.