What is NOT a requirement for an insurance policy to be valid?

An insurance policy must meet several requirements to be considered valid, and one of those key requirements is that it must have a legal purpose, meaning the policy must not promote illegal activities. Payment of premium and truthfulness in application are also critical; without a premium payment, the contract is not enforceable, and dishonesty in the application can void the contract.

The option stating "inspection of property" is not a fundamental requirement for the validity of an insurance policy. While many insurers may choose to perform property inspections before issuing a policy or during the underwriting process to assess risk, it is not a mandatory element for the contract's existence. Thus, a policy can still be valid even if a property inspection has not occurred, provided all other essential factors are present and fulfilled.