Colorado Cosmetology Written Practice Exam

Which item is one of the four essential elements of a valid insurance contract?

A claims reserve A deductible Competent parties An appraisal clause

Correct Answer:

Competent parties

Explanation:

A valid contract requires competent parties, a legal purpose, offer and acceptance, and consideration. A deductible or appraisal clause is not one of those four essential contract elements.

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