General Insurance PrinciplesQuestion 168 of 215
Which of the following is NOT one of the four essential elements of an insurance contract?
a.Offer and acceptance
b.Consideration
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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