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?

Question

Quizplus · Accepted Answer

The requirement of competent parties is lacking because Bob entered into a contract with an insurer that was not licensed to do business in the state, which is a violation of state law. As a result, the contract is not legally binding.

Bob Purchased Insurance on His Home with an Insurer That