Bob purchased insurance on his home with an insurer that was not licensed to do business in the state. In this case, which requirement to form a binding insurance contract is lacking?

Bob purchased insurance on his home with an insurer that was not licensed to do business in the state. In this case, which requirement to form a binding insurance contract is lacking?



A) exchange of consideration
B) offer and acceptance
C) legal purpose
D) competent parties


Answer: D) competent parties

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