Which of the following is NOT one of the four essential elements of an insurance contract?
a.Consideration
b.Offer and acceptance
c.A written application notarized by a public notary
d.Legally competent parties
Explanation
The four contract elements are offer and acceptance, consideration, legally competent parties, and a legal purpose. Notarization is not required; insurance contracts may be formed by oral binders and accepted applications without a notary.
Law Reference: Cal. Civ. Code §1550; Cal. Ins. Code §22Practice all 215 questions free — no signup required.
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