Which of the following is incorrect with regard to commissions and compensation?

Which of the following is not an element to a legal contract quizlet?

The answer is earnest money. The essential elements of a valid contract are offer and acceptance, consideration, legally competent parties, mutual agreement, and legal purpose. Earnest money is not required for a valid contract.

Which of the following terms is used to describe a person other than a viator?

(1) Viatical settlement provider means a person, other than a viator, that enters into or effectuates a viatical settlement contract with a viator resident in this state.

Which incremental amount is generally used when writing umbrella policies?

Umbrella coverage picks up where the liability limits of your homeowners and auto policies leave off. It's usually sold in increments of $1 million. Umbrella insurance costs roughly $150 to $350 a year for the first $1 million of coverage and about $100 per million of coverage above that.

Which term describes the situation that occurs when two policies covering the same property contain different policy periods?

Which term describes the situation when two policies covering the same property contain different coverages? Nonconcurrency indicates the existence of two or more policies covering the same exposures that don't have the same policy periods. The duties of the insured and the insurer are found in the policy conditions.