Which of the following is NOT one of the four essential elements of an insurance contract?
a.Consideration — the premium paid by the insured and the insurer's promise to pay covered losses
b.Offer and acceptance, shown by the submitted application and the insurer's issuance of the policy
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 §22This topic, taught in full in the California Property & Casualty Broker-Agent guide. California Property & Casualty Broker-Agent Study Guide — 2026 Edition — PDF + EPUB, $24.99 · 14-day refund →
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