Risk is not an essential element of insurance
Asset is not an essential element of insurance
Principle of mutuality is not an essential element of insurance
Subsidy is an essential element of insurance
✅ The correct answer is D.
Subsidy is not an essential element of insurance. The elements of an insurance contract can be called many things, but in the end, you need an offer, an agreement, the objects being insured, the requirements that both parties must meet, and the requirement that each party is legally responsible. These components create a legally binding contract.
Subsidy is not an essential element of insurance. The elements of an insurance contract can be called many things, but in the end, you need an offer, an agreement, the objects being insured, the requirements that both parties must meet, and the requirement that each party is legally responsible. These components create a legally binding contract.