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?

Insurance

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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?

Options

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

Answer: D) competent parties

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