Which of the following must happen for a policy to count as a legal contract?

For a life insurance policy to be considered a legal contract, the applicant's acceptance of the policy as issued is crucial. Acceptance signifies that the applicant has agreed to the terms and conditions outlined in the policy after evaluating the details provided by the insurer. This mutual agreement is a fundamental requirement for the formation of any contract, including insurance policies.

Once the insurer issues the policy and the applicant accepts it without any modifications, a legally binding agreement is formed, ensuring that both parties understand and agree to their obligations. This element of acceptance is what solidifies the contract, distinguishing it from mere offers or proposals.

While the other choices highlight important aspects of the insurance process—such as the applicant being of legal age, the payment of premiums, and the insurer's licensure—they do not directly relate to the establishment of the contract itself. The legal relationship hinges fundamentally on the mutual agreement between the insurer and the insured, which is encapsulated in the acceptance of the policy.