Final answer:
An insurance policy should have four separate requirements: offer and acceptance, consideration, legal purpose, and legal capacity.
Step-by-step explanation:
An insurance policy should have four separate requirements according to the Code. These requirements include offer and acceptance, consideration, legal purpose, and legal capacity. Offer and acceptance refers to the agreement between the insurer and the insured, consideration involves the exchange of something of value (premium payments), legal purpose ensures that the policy is not based on illegal activities, and legal capacity refers to the ability of the parties involved to enter into a contract.
Learn more about the requirements of an insurance policy