Something that pretty much never happens in fantasy settings are elections. They really don't fit the genre, so it's not surprising. It's also MUCH easier to write about a ruler and his nobles than about a mob of ever-changing politicians.
Election security would be a nightmare. You'd have to defend against mages changing votes, legal duels between political opponents, and the random monster attack.
Serfdom would also be non-existant. You can't have serfs if they can vote. One way to deal with that would have only rich people vote, or maybe only elves can vote. Then you'd have an aristocracy with voting, which really isn't the same thing.
In any case, having election season roll around during a campaign would provide hundreds of potential adventures. Players could defend candidates, blackmail candidates, or even just straight-up kill candidates (either for money or because the guy did something to them).