Final answer:
The correct answer is c. Conditions. All of the other options, consideration, competent parties, and legality, are essential elements of an insurance contract.
Step-by-step explanation:
The correct answer is c. Conditions. All of the other options, consideration, competent parties, and legality, are essential elements of an insurance contract.
Consideration refers to the exchange of something of value between the parties involved. This is often in the form of premiums paid by the insured and the promise of coverage from the insurer.
Competent parties are individuals who have the legal capacity to enter into a contract. This means they must be of legal age, mentally capable, and not under any undue influence or coercion.
Legality means that the contract must comply with applicable laws and regulations.
Conditions are specific provisions or requirements that must be met for coverage to be provided under the insurance contract. For example, a condition may state that the insured must provide proof of loss within a certain time frame.