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What are the elements of a contract in insurance?

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What are the elements of a contract in insurance?

Origin of the question is Insurance

The question was posed to me during an interview for a job.

Other related questions to my question are:-

What are the elements of contract of insurance?

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Correct answer for this question is: Because the law of contracts is used to interpret an insurance policy, the basic elements of contract (offer, acceptance, and consideration) must be present for a court to uphold an insurance agreement. The insurer offers indemnification, or "compensation for a past loss," as its part of the bargained-for exchange.

The title of my answer is Elements of Insurance | Expert Commentary | IRMI.com

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