Which of the following is NOT required for an insurance contract to be legally binding?

A legally binding insurance contract requires several essential elements, one of which is the concept of consideration. This refers to something of value being exchanged between the parties involved—usually the premium paid by the insured in exchange for the insurance coverage provided by the insurer.

Additionally, both parties must have legal capacity, meaning they are of legal age and sound mind to enter into a contract. Offer and acceptance are also critical, as one party must present an offer, and the other must accept it for the contract to be valid.

In the context of a beneficiary’s consent, it is not a required element for an insurance contract to be legally binding. While it's true that a policyholder typically designates a beneficiary, the contract itself is valid and enforceable without the consent of the beneficiary at the time of its formation. Therefore, consent from the beneficiary does not play a role in establishing the binding nature of the insurance contract.