Which of the following is NOT one of the requirements for a valid contract in insurance?

A valid insurance contract requires several key elements to ensure that it is enforceable and that both parties understand their obligations. Among these elements, offer and acceptance establish that one party proposes terms that the other party agrees to. Consideration involves something of value being exchanged, typically the premium payment for the insurance coverage provided. Competent parties ensures that those entering into the contract have the legal capacity to do so, meaning they are of sound mind and of the appropriate age.

While written documents can provide clarity and serve as proof of the agreement, not all insurance contracts are required to be in writing to be valid. Oral contracts can also be enforceable in certain situations, although they may present challenges in proof and clarity. Therefore, the inclusion of "written documents" as a requirement is not accurate since many valid contracts, including some types of insurance agreements, can exist without being formally in writing.