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3
Formation of a Life Insurance
Contract: Part 1
Dan M. McGill
Revised by Burke A. Christensen

Chapter Outline

LEGAL CAPACITY OF THE PARTIES
Parties to the Contract
Competency of the Insurer
Competency of the Applicant
MUTUAL ASSENT
The Application
Effective Date of Coverage
Delay in Consideration of the Application
Operative Date of Policy

To be enforceable the agreement between a life insurance company and the person seeking insurance, represented by a written instrument called the policy, must meet all the requirements prescribed by law for the formation of a valid contract. In this and the following chapter, how each of the requirements is satisfied in the formation of a life insurance contract will be explained in specific terms.
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