In addition to the five essential elements of a contract, what three elements must an insurance contract also contain to be enforceable?

An insurance contract must include insurable interest, indemnity, and utmost good faith to be enforceable.

Insurable interest is critical because it ensures that the policyholder has a legitimate interest in the insured item or person, which prevents moral hazard and aligns the interests of both the insurer and the insured. A contract without insurable interest could lead to situations where the insured might benefit from the loss of the insured party or item, creating an unethical scenario.

Indemnity refers to the principle that the insurance policy will cover losses without allowing the insured to profit from a claim. This principle ensures that compensation is aligned with the actual loss incurred, preserving the insurance system's integrity and preventing profit-making from insurance claims.

Utmost good faith, or "uberrima fides," imposes a duty on both parties to act honestly and disclose all relevant information during the formation of the insurance contract. This principle is fundamental as it ensures transparency; if one party conceals material information, the contract could be rendered void because the agreement would lack the essential trust that is necessary for the arrangement.

The options that include liability, risk retention, or accountability do not align with the fundamental principles required for the enforceability of insurance contracts and are therefore not the correct elements